HM Treasury

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96/09

20 October 2009

Changes to the Financial Services Authority Board

The Chancellor today announced the appointment of Mick McAteer, Brian Pomeroy, Andrew Scott & James Strachan as non-executive directors (NEDs) of the Financial Services Authority (FSA).

The Chancellor, Alistair Darling said:

“I am very pleased to announce the appointment of these new members to the FSA Board.  Their mix of capabilities and backgrounds will make a valuable contribution to the work of the FSA.

I would also like to take the opportunity to thank Michael Slack, who will step down from the Board at the end of this month, for his contribution to the work of the Board.”

Adair Turner, Chairman of the FSA, said:

"These appointments are part of our ongoing succession planning for the FSA Board and we are continuing our current search for up to two new Board members to fulfil these vitally important roles."

Notes for editors

1. The FSA is a company limited by guarantee. The Board is appointed by the Treasury in line with the code of practice issued by the Office of the Commissioner for the Board. View a list of the current membership of board.

2. The majority of the Board members are non-executive. In addition to the Chairman and Chief Executive, there are currently two Managing Directors and seven non-executive members of the Board.

3. The statutory role of the non-executive directors is to check that the FSA operates efficiently and economically; oversee FSA’s mechanisms of financial control and to set the pay of the executive members of the Board.  A committee of the Board (NEDCo), consisting solely of the non-executive members, is set up and maintained for the purposes of discharging these functions. The chairman of this committee is appointed by the Treasury from among its members.

4. Mick McAteer: founder and director of the Financial Inclusion Centre, a non executive director of the Pension Advisory Service and board member of the Financial Reporting Council’s Professional Oversight Board; formerly principal policy adviser to Which? (formerly the Consumer’s Association)

5. Brian Pomeroy: Chair of the Financial Inclusion Task Force, the Gambling Commission, the Payments Council, and is a director and Deputy Chair of QBE Insurance Europe Ltd; formerly a member of the Audit Commission and Chair of its Audit Committee, and Chair of the National Lottery Commission.

6. Andrew Scott: professor of economics, London Business School, fellow of the Centre for Economic Policy Research and managing editor for the Royal Economic Society’s Economic Journal.

7. James Strachan: non executive director of Legal & General Group, Care UK plc, Welsh Water Limited, Sarasin and Partners LLP, JPMorgan Asian Investment Trust plc, Social Finance Limited and Vice President of the charity, RNID; formerly Chair of the Audit Commission, formerly Managing Director and Board member of Merrill Lynch International and Director of the Bank of England until May 2009.

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