James Glass will report formally to the FSA Chairman but with a direct line to the Audit Committee of non-executive directors. As Director QA & IA he will be responsible for providing objective assurance to the FSA Board, the committee of Non-Executive Directors and senior management that a sound and robust risk management framework and system of internal controls is in place and operating effectively in the FSA, including the undertaking of independent reviews.
FSA Chairman Howard Davies, said: "I am delighted that James Glass will be taking on this key role which is central to ensuring that the FSA performs efficiently. He brings a wealth of experience of business review and compliance work at a senior level in private industry, including the financial services sector, and has also held a number of senior auditing and accounting posts.
"I would like to give special thanks to Ronnie Baird who has played a central role in helping to set up the FSA as its charter Director of QA and IA after his work on banking supervision at the Bank of England."
Background
- James Glass, 48, has been Director, Business Review and Audit at British Energy plc since March 1998. Between 1982 and 1998 he held a number of senior positions at Scottish Widows including Group Compliance and Audit Manager, Deputy Group Accountant, and Internal Audit Manager. From 1978 to 1982 he was an Internal Auditor at Lloyds and Scottish Finance Group. He qualified as a chartered accountant in 1978 from the Institute of Chartered Accountants of Scotland.
- 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; the protection of consumers; and fighting financial crime.
- The FSA aims to maintain efficient, orderly and clean financial markets and help retail consumers achieve a fair deal.
