The appointments complete the Exchange's significant overhaul of its disciplinary processes to further strengthen its impartiality, independence and transparency in the light of the new Financial Services Authority (FSA) recognition requirements and the Human Rights Act 1998, which incorporates the European Convention of Human Rights into UK Law.
The three newly appointed Disciplinary Panel Chairs would each handle disciplinary hearings with the support of two market practitioners. The Appeals Panel, chaired by Rt Hon Lord Mustill for a period of three years, will hear appeals against the judgement of Disciplinary Panels.
Miss Elizabeth Appleby QC, Mr Peter Gross QC and Mr Andrew Moran QC each have long and distinguished careers in law. The Rt Hon Lord Mustill has had a long and prestigious career in law. In 1968 he became Queen's Counsel. During his career, Lord Mustill was Chairman Civil Service Arbitration from 1971-78. Between 1992 and 1997 he was a Lord of Appeal in Ordinary "Law Lord". Among the other posts he holds is Vice President for the Court of Arbitration, International Chamber of Commerce. He is a Doctor of Laws of Cambridge University and a Fellow of the British Academy.
Richard Ward, IPE Chief Executive, said, "the IPE is dedicated to ensuring that it runs orderly markets and to discipline those that attempt to abuse the system and potentially bring the Exchange into disrepute. However, the Exchange is also aware of its obligations under the European Convention of Human Rights to act fairly. Thus the appointments of Lord Mustill, Miss Elizabeth Appleby QC, Mr Peter Gross QC and Mr Andrew Moran QC represent a significant step taken by the IPE to ensure increased independence, fairness and transparency during Disciplinary and Appeals Panel hearings."
