They are:
Richard Pratt, who writes and lectures on combating money laundering and on other regulatory issues. He conducts assessments of regulatory standards in different countries and provides advice to jurisdictions on regulatory issues. He was Director General of the Jersey Financial Services Commission from 1999 to 2003 and before that was Director External Affairs at the London International Futures and Options Exchange (LIFFE). His previous career was as a civil servant, principally with the Treasury where posts held included Head of the Securities and Marketing Team, Head of a European Community Division and Head of the Economic Department at the British Embassy to the United States in Washington.
Kate Williams, who is a licensed insolvency practitioner and a member of the Institute of Chartered Accountants in England and Wales (ICAEW). She previously worked as Director in the Deloitte & Touche Corporate Recovery Department and at Lloyd’s as Head of Corporate Member Solvency in its Risk Management Department.
The FSA has also re-appointed two current members of the FSCS Board for a further one-year term from 1 June 2004. They are Michael Blair QC, in independent practice at the Bar of England and Wales, formerly General Counsel at the FSA and a former Chairman of SFA, PIA and IMRO, and Luke March, Chief Executive of the Mortgage Code Compliance Board and a former Director of TSB Bank.
Nigel Hamilton, chairman of the FSCS Board, said:
“I am delighted to welcome these new members to the Board. I am sure they will make an extremely valuable contribution to our work. I am also delighted that Michael Blair and Luke March are staying on for a further period. They, and the other Board members, bring an extensive range of skills and experience to the Scheme. I would also like to express my sincere thanks to John Young who retired as a Board member in May 2004. John has given four years of invaluable service as a founder member of the Scheme Board since 2000."
Background
- The Financial Services Compensation Scheme (FSCS) is the UK’s statutory fund of last resort for customers of authorised financial services firms. The primary aim of the Scheme is to provide protection for private individuals and small businesses. The FSCS can pay compensation if an authorised firm is unable or likely to be unable to pay claims against it, usually because it has gone out of business or is insolvent. The Scheme covers investments, deposits and insurance.
- The FSCS is independent from the FSA, although accountable to it, and, ultimately, to the Treasury. The conduct of the Compensation Scheme is the responsibility of its Board of Directors, appointed by the Financial Services Authority (FSA). Under the Financial Services and Markets Act 2000 (FSMA), the FSA appoints the Directors on terms which secure their independence from the FSA in the operation of the Scheme. The Chairman’s appointment is also subject to Treasury approval.
- The FSA regulates the financial services industry and has four objectives under the Financial Services and Markets Act 2000: maintaining market confidence; promoting public understanding of the financial system; securing the appropriate degree of protection of consumers; and fighting financial crime.
- The FSA aims to maintain efficient, orderly and clean financial markets and help retail consumers achieve a fair deal.
