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The Financial Services Authority (FSA) has appointed two new non-executive directors to the board of the Financial Services Compensation Scheme (FSCS) with effect from today.
They are:
Ivan Rogers
Ivan Rogers started his career as a civil servant and posts he held included Principal Private Secretary to former Prime Minister Tony Blair, Private Secretary to Kenneth Clarke, former Chancellor of the Exchequer, and Director of European Policy and Director of Budget and Tax policy at HM Treasury. He joined Citi Group as a Senior Government Banker for the UK in July 2006 and is a member of Citi Group’s UK Banking and Broking Board.
Phillip Wallace
Phillip Wallace was a chartered accountant at KPMG from 1971 to 2005 finishing as a Vice Chairman and Chairman of the Audit Committee. His main specialism was Corporate Recovery where he was the senior partner responsible for complex restructurings and insolvency. Since his retirement Mr Wallace has pursued a number of non- executive roles including the Chairmanship of the Insolvency Services Steering Board which he took up in 2007.
The FSA has also confirmed the reappointment of David Hall as chairman of FSCS until 31 March 2012.
FSA chairman Adair Turner said:
"We are pleased that Ivan Rogers and Phillip Wallace have been appointed to the FSCS Board as non-executive directors. They bring with them experience in their fields which will greatly benefit the FSCS. We are also pleased that David Hall is remaining as FSCS Chairman. He has done an outstanding job at the FSCS which has faced unprecedented pressures during the past year."
Background
- The 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 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 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.
