The Financial Services Authority (FSA) has announced that Joe Garner has been appointed chairman of the Financial Services Practitioner Panel, with effect from 1 June 2012. He will succeed Russell Collins who is retiring from Deloitte at the end of May.
Joe Garner is Head of the UK Bank and Deputy Chief Executive, HSBC Bank plc, with responsibility for HSBC’s retail and commercial banking business in the UK.
Joe Garner said:
"A safer and trusted financial services industry is vital. I am delighted to get the opportunity to play a role in shaping the regulatory decision process which could benefit consumers and regulated firms for a generation."
FSA chairman, Adair Turner, said:
"This is a period of great change to the UK’s regulatory framework and the involvement of senior practitioners adds great value. I am pleased Joe has agreed to take on this important role and would like to extend my thanks to Russell Collins for his time as chairman."
Background:
- The Financial Services Practitioner Panel was established under the Financial Services and Markets Act 2000 to represent the interests of practitioners and is independent of the FSA. Members are drawn from regulated institutions and market users at a senior level. Membership rotates to ensure a balance between consistency and new input.
- In accordance with statute, the decision to appoint Joe Garner as Chairman of the Panel was made by the FSA and approved by HM Treasury.
- Joe has been Head of UK Bank and Deputy Chief Executive, HSBC Bank plc since December 2010. He is also a director of HSBC Bank plc. During his time at HSBC, Joe has also been Head of UK Personal Financial Services including HSBC, first direct, M&S Money, John Lewis Partnership Card and Jersey Offshore. Joe started his career with Procter and Gamble for 9 years, and later worked at Dixons Group Plc, before joining HSBC in 2004. He was also a non-executive Director of the Financial Ombudsman Service from February 2008 to 2010.
- The full membership of the Panel from 1 June 2012 will be:
|
Joe Garner (Chairman) |
Head of UK Retail Bank & Deputy Chief Executive, HSBC Bank plc |
|
Graham Beale |
Chief Executive, Nationwide Building Society |
|
Paul Geddes |
Chief Executive Officer, Direct Line Group |
|
Mark Harding |
Group General Counsel, Barclays Bank PLC |
|
Simon Hogan |
Managing Director, Institutional Equity Division, Morgan Stanley |
|
Garry Jones |
Group Executive Vice President & Head of Global Derivatives, NYSE Euronext |
|
Guy Matthews |
Chief Executive, Sarasin Investment Funds |
|
Helena Morrissey |
Chief Executive Officer, Newton Investment Mgt |
|
John Pollock |
Group Executive Director, Protection & Annuities, Legal & General Group plc |
|
Malcolm Streatfield |
Chief Executive, Lighthouse Group |
|
Paul Swann |
President & Chief Operating Officer, ICE Clear Europe |
|
Doug Webb |
Chief Financial Officer, London Stock Exchange Group |
- The FSA regulates the financial services industry and has four objectives under the Financial Services and Markets Act 2000: maintaining market confidence; securing the appropriate degree of protection for consumers; fighting financial crime; and contributing to the protection and enhancement of the stability of the UK financial system.
- The FSA will be replaced by the Financial Conduct Authority and Prudential Regulation Authority in 2013. The Financial Services Bill currently undergoing parliamentary scrutiny is expected to receive Royal Assent by the end of 2012.
