UK's Financial Services Authority Managing Directors Appointed

The Financial Services Authority has today appointed three new Managing Directors. They will also be members of the FSA Board.

Hector Sants joins from Credit Suisse First Boston to become Managing Director, Wholesale and Institutional Markets. Currently Chief Executive Officer of Europe, Middle East and Africa for CSFB, he will have responsibility for all regulated markets, the related infrastructure such as clearing and settlement, the operation of the UK Listing rules and regulation of firms or groups which conduct primarily wholesale or institutional market business between professionals.

Clive Briault is promoted to Managing Director, Retail Markets. Currently Director of Prudential Standards at the FSA, he will have overall responsibility for the FSA's extensive consumer agenda, including its work on raising financial capability among consumers, and regulation of firms or groups whose business is predominantly at the retail end of the market. This includes insurers, high street banks, building societies and mortgage lenders and retail intermediaries.

David Kenmir is promoted to Managing Director, Regulatory Services. Currently Director of Investment Firms at the FSA, he will lead in the provision of a range of services to consumers, existing firms and firms seeking authorisation, as well as meeting the FSA's own operational requirements in areas such as IT and knowledge management (including the processing, validation and warehousing of data received from firms). As previously announced, Michael Foot stands down as a Managing Director at the end of May when his current term comes to an end. He will then become an advisor to Callum McCarthy (FSA Chairman) and John Tiner (FSA Chief Executive).

Hector Sants takes up his appointment on 4 May and Clive Briault and David Kenmir take up their appointments on 1 April.

Ruth Kelly, Financial Secretary to the Treasury, has today announced that Clive Briault and David Kenmir have been appointed Directors of the FSA Board, with effect from 1 April, and Hector Sants from 4 May.

John Tiner said: I am delighted with our new team. They bring proven leadership skills, extensive knowledge and experience of the financial services industry and its regulation and the clear vision to enable us to realise our aim of delivering efficient, orderly and clean financial markets and helping retail consumers achieve a fair deal."

Background

1. Biographical details:

   Hector Sants, 48, is currently Chief Executive Officer, Europe, Middle East and Africa for Credit Suisse First Boston (CSFB) and has extensive experience of the wholesale markets both in the UK and internationally. He joined CSFB in 2000 when the firm merged with Donaldson, Lufkin & Jenrette and is a member of CSFB's Executive Board. He is a member of the FSA Practitioner Panel and was previously a Board member of, among other bodies, the SFA and the Stock Exchange.

   Clive Briault, 46, is currently Director, Prudential Standards Division at the FSA, which sets out prudential policy for all regulated firms. An economist by background, he spent 18 years at the Bank of England in a variety of regulatory and monetary policy roles. He joined the FSA at its inception and held the position of Director, Central Policy between 1998 and 2001.

   David Kenmir, 40, is currently Director, Investment Firms Division at the FSA which regulates around 8000 firms. A chartered accountant by training, he spent 10 years at the Securities & Futures Authority and its predecessor bodies. He joined the FSA at its inception as Director of Authorisation and then led the change management team charged with designing and implementing the FSA's risk-based approach to regulation.

2. The posts were advertised in November 2003 as part of a wide-ranging search process which resulted in the identification of 140 candidates. The Selection Panel consisted of James Sassoon (Managing Director, Finance, Regulation and Industry, HM Treasury), Callum McCarthy (Chairman, FSA), John Tiner (Chief Executive, FSA), Deirdre Hutton (non-executive Deputy Chairman designate, FSA) and Tom de Swaan (non-executive Director, FSA).
3. 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 of consumers; and fighting financial crime.
4. The FSA aims to maintain efficient, orderly and clean financial markets and help retail consumers achieve a fair deal.