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UK’s Financial Conduct Authority Board Members Confirmed

Date 28/03/2013

HM Treasury today named the members of the Financial Conduct Authority (FCA) Board. The Board will be effective from 1 April 2013 when the FCA begins operating.

HM Treasury today named the members of the Financial Conduct Authority (FCA) Board. The Board will be effective from 1 April 2013 when the FCA begins operating.

Including FCA chairman John Griffith-Jones, the Board will consist of 12 members. This includes four executive members: Martin Wheatley, chief executive of the FCA; Tracey McDermott, FCA director of enforcement and financial crime; Clive Adamson, FCA director of supervision; and Lesley Titcomb, FCA chief operating officer.

Andrew Bailey, chief executive of the Prudential Regulation Authority, will be a non-executive director. Mick McAteer, Amanda Davidson and Sir Brian Pomeroy were all FSA Board members and will join the FCA Board as non-executive directors. Three non-executive directors are new appointments and these are Jane Platt, David Harker CBE and Amelia Fletcher.

The full FCA Board is therefore as follows:

  • John Griffith-Jones (chair)
  • Martin Wheatley
  • Tracey McDermott
  • Clive Adamson
  • Lesley Titcomb
  • Andrew Bailey
  • Sir Brian Pomeroy
  • Mick McAteer
  • Amanda Davidson
  • Jane Platt
  • David Harker CBE
  • Amelia Fletcher

Biographies for the non-executive members of the FCA Board can be found in the Notes to Editors below. Biographies for the executive members can be found online.

John Griffith-Jones, chairman of the FCA, commented:

“The creation of a new financial regulator is a once in a generation event and the regulatory objectives set out for the FCA by Parliament demand a wide skill set. Therefore, I am especially pleased with the range and depth of experience of our new Board, as we embark on the FCA journey.”

Background

1. Biographies for non-executive members of the FCA Board:

  • Andrew Bailey will take up the role of Deputy Governor for Prudential Regulation and Chief Executive Officer of the Prudential Regulation Authority (PRA) on 1 April 2013. As Deputy Governor for Prudential Regulation and CEO of the PRA, Andrew will also be a member of the Bank of England’s Court of Directors, the PRA Board, the Financial Policy Committee and the Board of the FCA.
  • Jane Platt is currently the Chief Executive of National Savings and Investments, having previous extensive experience of the commercial financial world gained at Reuters, Barclays and Mercury Asset Management.
  • David Harker CBE was the CEO of Citizens Advice from 1997 to 2010. Until March 2013 he sat on the FSA’s Consumer Panel, and he is currently a member of the Advertising Standards Authority Council and sits on the Board of Ofgem where he has gained experience of competition issues in the utilities sector.
  • Amelia Fletcher has been the Chief Economist at the Office Fair Trading since 2001. She recently stood down from the OFT to become a Professor of Competition Policy at the University of East Anglia.
  • Amanda Davidson has been a Director of Baigrie Davies, an Independent Financial Adviser, since 2005. Her previous career includes Directorship of Holden Meehan where she was involved in the sale of the business to Bradford & Bingley in 2003. Amanda was previously a member of the FSA Board.
  • Sir Brian Pomeroy was the Senior Partner of Deloitte Consulting until 1999 when he took up a number of public, private and voluntary sector appointments. Sir Brian was previously a member of the FSA Board.
  • Mick McAteer is a consumer advocate with long experience of representing consumers at UK and EU level. Mick was previously a member of the FSA Board.

2. 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.

3. The FSA will be replaced by the Financial Conduct Authority and Prudential Regulation Authority in 2013 as required by the Financial Services Act 2012.

4. The FCA has an overarching strategic objective of ensuring the relevant markets function well. To support this, the FCA has three operational objectives: to secure and appropriate degree of protection for consumers; to protect and enhance the integrity of the UK financial system; and to promote effective competition in the interests of consumers.