Changes To The Membership Of The Board Of The UK's Financial Services Authority

The Economic Secretary to the Treasury, Ed Balls, today announced the following changes to the membership of the Board of the Financial Services Authority (FSA):

the appointment of Peter Fisher and Brian Flanagan as Non-executive Directors with effect from 19 January 2007;
the extension of the current term as a Non-executive Director and Deputy Chairman of Dame Deirdre Hutton until 10 December 2007;
the appointment of Sir James Crosby as a Non-executive Director for a further three year term from 15 January 2007;
the retirement from the Board, after two three-year terms, of Kyra Hazou, Tom de Swaan and Clive Wilkinson on 18 January 2007.

Ed Balls said: "I am delighted to announce the appointment of Peter Fisher and Brian Flanagan to the Board of the FSA. Peter Fisher is a leading industry practitioner with knowledge and experience of international financial markets, regulation, supervision and public policy. Brian Flanagan will bring considerable business experience in a highly consumer focussed area to the Board. These new appointments will add to the breadth of experience represented on the Board and will strengthen the FSA.

I am also delighted to be able to re-appoint James Crosby and to extend Deirdre Hutton's current term by one year so that they can continue to work with Callum McCarthy and their fellow directors to deliver the FSA's move towards more principles based regulation.

I would also like to thank Tom de Swaan, Kyra Hazou and Clive Wilkinson for their contribution to the development of the FSA over the last six years, including their work on the Board's Risk and Audit Committees."

Financial Services Authority Chairman, Callum McCarthy, said: "The FSA is delighted with these appointments. We will continue to benefit from the contribution of Deirdre and James and the appointment of Peter and Brian will expand the experience and expertise available to the Board as it deals with the challenges ahead.

I am extremely grateful to Tom, Kyra and Clive for the help they have given me and my predecessor as Chairman over the last six years. They have provided individual expertise and a wide understanding of the issues with which the FSA deals, which has been of great benefit to the Board and the executive."

Background

Peter Fisher is a former Under Secretary at the US Treasury and Executive Vice President of the Bank of New York Federal Reserve. In 2003, he moved to BlackRock Financial Management Inc., where he has had an opportunity to apply his expertise directly within a large-scale and rapidly growing commercial organisation.
Brian Flanagan is a Non-executive Director of William Morrison Supermarkets PLC and former Vice President of Business Transformation at Mars Inc.
Dame Deirdre Hutton is Chair of the Food Standards Agency and Vice Chair of the European Food Safety Authority. Deirdre was formerly Chair of the National Consumer Council and the Scottish Consumer Council.
Sir James Crosby is a Non-executive Director of ITV plc, a Fellow of the Faculty of Actuaries and the Chair of the Public Private Forum on Identity Management. He was formerly Chief Executive of HBOS Plc.
Tom de Swaan is a Non-executive Director of Glaxo Smith Kline, Zurich Financial Services and Royal Ahold and formerly Chief Financial Officer of ABN AMRO Bank NV.
Kyra Hazou is a former Managing Director and Regional General Counsel of Salomon Smith Barney/Citibank.
Clive Wilkinson is Chairman of the Heart of England NHS Foundation Trust.
The Board of the FSA is appointed by the Treasury in line with the Code of Practice issued by the Commissioner for Public Appointments.
The FSA Board makes strategic decisions affecting the future operation and resourcing of the FSA and has oversight of the discharge by the executive of day to day management of the business.
FSA Board members are appointed in a personal capacity and do not serve as representatives of particular interests or associations. A list of the current member of the Board of the FSA is attached.
Non-media enquiries should be addressed to the Treasury Correspondence and Enquiry Unit on 020 7270 4558 or by e-mail to public.enquiries@hm-treasury.gov.uk

LIST OF CURRENT FSA BOARD MEMBERS: DECEMBER 2006

Sir Callum Chairman Joined the FSA in September McCarthy 2003 from the Office of Gas and Electricity Markets where he was Chairman and Chief Executive.

Dame Deirdre Deputy Joined the FSA Board in Hutton ChairmanNon-executive December 1997 and was Board member appointed Deputy Chair on 1 April 2004. She is Chair of the Food Standards Agency and Vice Chair of the European Food Safety Authority and a former Chair of the National Consumer Council and the Scottish Consumer Council.

Deirdre was a member of the Better Regulation Task Force until June 2005.

John Tiner Chief Executive Appointed FSA Chief Executive Officer in September 2003. He joined the FSA in April 2001 as Managing Director of Consumer, Investment and Insurance Directorate following a broad-ranging career at Arthur Andersen.

Clive Briault Managing Director, Appointed Managing Director Retail Markets of Retail Markets in April 2004. He has overall responsibility for the FSA's extensive retail agenda and regulation of firms or groups whose business is predominantly at the retail end of the market.

Sir James Crosby Non-executive Board Joined the FSA Board in member January 2004. He is also a Non-executive Director of ITV plc, a Fellow of the Faculty of Actuaries and the Chair of the Public Private Forum on Identity Management, and was formerly Chief Executive of HBOS Plc.

Karin Forseke Non-executive Board Joined the FSA Board in member December 2004. She was Chief Executive of D. Carnegie & Co AB from 2003 until March 2006.

John Non-executive Board Joined the FSA Board when he Gieve(ex-officio member became Deputy Governor, post) Financial Stability of the Bank of England in January 2006. He is a member of the Bank's Monetary Policy Committee, and in addition has specific responsibility for the Bank's work on Financial Stability issues. Before joining the Bank of England He was the Home Office Permanent Secretary from April 2001.

Kyra Hazou Non-executive Board Joined the FSA Board in member January 2001. She is a former Managing Director and Regional General Counsel of Salomon Smith Barney/Citibank. Retires in January 2007

David Kenmir Managing Director, Appointed Managing Director Regulatory Services of Regulatory Services in April 2004. He leads in the provision of a range of services to consumers, existing firms and firms seeking authorisation, as well as meeting the FSA's own operational requirements in areas such as IT and knowledge management.

Professor David Non-executive Board Appointed a non-executive Miles member Director of the FSA in April 2004. He became Managing Director and Chief UK Economist at Morgan Stanley in October 2004 and retains the role of visiting Professor of Financial Economics at Imperial College, University of London.

Hector Sants Managing Director, Joined the FSA as a Managing Wholesale and Director in May 2004 from Institutional Markets Credit Suisse First Boston. He is responsible for the FSA's regulation of the wholesale and institutional markets.

Michael Slack Non-executive Board Joined the FSA Board in member December 2004. He is Chairman of the Fyfe Group and a member of the British Insurance Brokers' Association (BIBA).

Hugh Stevenson Non-executive Board Joined the FSA Board in June member 2004. He is Chairman of Equitas Limited, Chairman, Merchants Trust plc and a non-executive director of Standard Life Assurance Co.

Tom de Swaan Non-executive Board Joined the FSA Board in member January 2001. He is a Non-executive Director of Glaxo Smith Kline, Zurich Financial Services and Royal Ahold and formerly Chief Financial Officer of ABN AMRO Bank NV.Retires in January 2007

Clive Wilkinson Non-executive Board Joined the FSA Board in member January 2001. He is Chairman of the Heart of England NHS Foundation Trust. Retires in January 2007