New UK Financial Services Consumer Panel Chairman Appointed

The Financial Services Authority (FSA) today announced that Lord Lipsey is taking over as Chairman of the Financial Services Consumer Panel. David Lipsey is an active member of the House of Lords, who has a background in journalism, financial services and regulation. He takes over from John Howard who chaired the Panel from October 2005 to March 2008.

FSA Chairman Callum McCarthy said:

“I am very pleased that David Lipsey has agreed to become Chairman of the Consumer Panel. He brings a wealth of experience in regulation, financial services and communications and will no doubt provide challenging ideas on behalf of consumers to the development of policy at the FSA. We look forward to David building on the work carried out under the previous Chairman John Howard, who has ensured that the Panel has continued to provide a strong independent consumer voice to the FSA.”

Lord Lipsey said:

"I am delighted to be taking on this role at a crucial time for the financial services industry. I hope to raise the profile of the panel a notch or two so it can be even more effective in future in advancing the consumer interest."

Background

David Lipsey will join the Financial Services Consumer Panel as Chairman from 2 June 2008. He has had a wide range of experience as a regulator (including at the Personal Investment Authority and the Advertising Standards Authority); as a journalist (as deputy editor of the Times, Sunday Correspondent and New Society magazine; and political editor of The Economist); and as a public policy expert (as Chair of the Social Market Foundation think tank and as a member of three official government enquiries). When on the Board of the Personal Investment Authority (one of the predecessor bodies of the FSA), Lord Lipsey was a member of the Pensions Review Committee and the Disciplinary Committee. As a condition of his appointment, Lord Lipsey is resigning the Labour whip in the Lords.
The Financial Services Consumer Panel is established according to the Financial Services and Markets Act 2000, to represent the interests of consumers and is independent of the FSA in its views. The FSA Board appoints Panel members, with the Treasury’s approval in the case of the Chairman. The Chairman was recruited through open competition according to Nolan principles.
The current members of the Consumer Panel are: Adam Phillips (Vice Chairman); Kay Blair; Michael Chapman; Stephen Crampton; Caroline Gardner: Jenny Hamilton; Tony Hetherington; Nick Lord; David Metz; Lindsey Rogerson; Carol Stewart.
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.