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The Financial Services Authority (FSA) today announced the appointment of Naguib Kheraj as Senior Advisor to the Supervisory Enhancement Programme, reporting directly to Hector Sants, Chief Executive of the FSA. Kheraj was previously Group Finance Director of Barclays, a role he held from January 2004 until March 2007.
The Supervisory Enhancement Programme (SEP) was created to implement the recommendations identified by the internal audit review of the FSA's handling of Northern Rock. Kheraj will advise on aspects of the design and execution of the programme.
Kheraj has held numerous senior roles within financial services. During 2007 Kheraj led the transaction team working on Barclays’ proposed merger with ABN Amro and significant investments in Barclays made by Temasek and China Development Bank. Prior to becoming Barclays Group Finance Director in 2004, Kheraj held a number of roles within Barclays, including Chief Executive of Barclays Private Clients, Deputy Chairman of Barclays Global Investors and Global Head of Investment Banking at Barclays Capital. Kheraj joined Barclays from Robert Fleming, where he was Co-Head of Global Capital Markets. He was previously a managing director at Salomon Brothers.
Hector Sants, Chief Executive of the FSA, said:
"We are fortunate to have access to the valuable industry perspective Naguib, as a senior banker of many years experience, will bring to the FSA. His insight and understanding of financial services will be invaluable to the newly created Supervisory Enhancement Programme team as they begin their task of strengthening our supervisory process. A successful regulator has to seek constantly to learn, change and improve, skills which Naguib has amply demonstrated over his long and distinguished career."
Kheraj will commence his assignment on 28th April 2008, and will work on a part-time basis.
Background
- Kheraj is a member of the investment committee of the The Wellcome Trust, an advisor to the acting chairman and executive committee of Her Majesty’s Revenue and Customs service and a member of the Board of Governors of the Institute of Ismali Studies, an educational institution which promotes scholarship and learning on Islam. He is also Chairman of the National Committee of the Aga Khan Foundation (UK).
- 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 for consumers; and fighting financial crime.
- The FSA aims to promote efficient, orderly and fair markets, help retail consumers achieve a fair deal and improve its business capability and effectiveness.
