Former FSA chair Callum McCarthy joins JC Flowers
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Private equity firm JC Flowers has hired former FSA chairman Sir Callum McCarthy as chairman of its European operations.
McCarthy, who chaired the regulator from 2003 to 2008, will take up the newly created position of JCF Europe chairman as part of the firm’s strategy to increase operations in the region.
JC Flowers attempted to buy Friends Prov in early 2008 but its bids were rejected. Friends Prov was eventually bought this Summer by Resolution, whose chief executive is McCarthy’s former FSA colleague John Tiner.
McCarthy says: “JCF is unique in its expertise and concentration on the financial sector. I look forward to helping apply its ideas, managerial experience and capital to pursue the business opportunities created by the present far reaching changes in the sector.”
JC Flowers founder and executive chairman J Christopher Flowers says: “Sir Callum McCarthy has extensive banking and regulatory experience and will bring a wealth of skills and experience to the role of Chairman.”
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Readers' comments (12)
F-Pack Wooden Spoon Award Team | 24 Nov 2009 8:38 am
Yes I'm sure McCarthy has skills. Like how to decimate a financial services compnay, just like he did when he was at the FSA.
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Malcolm | 24 Nov 2009 9:15 am
Did JCF not look at McCarthy's CV before they took him on?
Our red setter could not have done a worse job at the FSA than him!
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David Hedge | 24 Nov 2009 9:28 am
Put Sir in front and the Yanks will take anyone on!
However, even they probably will have him as window dressing only; or perhaps they don't bother looking at the UK's decimated financial industry.
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Anonymous | 24 Nov 2009 9:32 am
FSA failures seem to be surfacing everywhere.
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Really quite immoral | 24 Nov 2009 9:46 am
Sants going the Bank of England, McCarthy to a top PE firm. The FSA policies are designed to take us back to the beginning of the 20th century and these two boys are being handed jobs as the men in Top Hats always use to be!
The mist is clearing and the whole corrupt set-up is becoming plain to see. What next?, an invitation to the ex head of Lehman Bros to join Sants at the Bank of England?....given recent events not as unlikely as it sounds. I despair.
"DO AS I SAY NOT AS I DO"
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Peter Herd | 24 Nov 2009 9:49 am
Just shows that the old boy network is still around and that financial firms are still rewarding failure. I suppose next will be reading that Sir Fred Goodwin has been appointed Shadow Chancellor the Conservatives lol.
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Steve @ IFAbonus | 24 Nov 2009 9:57 am
When was the last time an FSA exec left to join an IFA (I do believe there may have been one).
It is not conceivable that this could be the reason for the anti-IFA bias. Or is it?
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Miguel M | 24 Nov 2009 10:29 am
What a cosy world these people live in! Get yourself a high position in the bureaucracy that is the FSA, enter into cosy relationships with big companies, make life a misery for the small fry and charge them for the privilege. After you have drawn a high salary and achieved precisely nothing slide into an even better post with one of the aforesaid big companies. This maintains an undue influence on the FSA who are not likely to confront any organisation having its ex chief on the board. Useless pen pushers dreaming up rules and inventing reasons to fine people and companies simply to fill its own coffers. UGH!
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Jim Payne | 24 Nov 2009 11:19 am
Responding to Steve @ IFA bonus.
You have to realise, for those at the FSA, SME's are really beyond the pale, just not BIG enough to bother about as a regulator and certainly much to small satisfy their ego's when looking for a cushy number outside.
Until an IFA is large enough to take over a whole office building facing the BoE those that consider themselves part of the 'elite' will not deign to consider working at one.
I doubt they would have the right experience in any case. I mean when was the last time most of these people even spoke to a client/customer/consumer let alone sat down with them and given them professional advice?
From their past performance at the FSA this must have been many years ago and was presumably so traumatic for them that they vowed never to do it again.
As 'really quite immoral' says their attitude in the regulators ivory tower was 'DO AS I SAY NOT AS I DO'!
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Anonymous | 24 Nov 2009 12:28 pm
That's taken J C Flowers off my provider list...
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