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Categories:Regulation

FSA names Lawrence Churchill as FSCS chairman

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The FSA has appointed Nest chairman Lawrence Churchill as the new chairman of the board of the Financial Services Compensation Scheme.

Churchill (pictured) will replace David Hall, who steps down from the role on April 1. He will assume the role for a three-year term.

Churchill is also a former chief executive of the UK, Irish and international life division at Zurich Financial. He has also held senior roles in Unum, NatWest life and investments and Hambro Life/Allied Dunbar Assurance.

Nest says the appointment will have no impact on Churchill’s role at the Government-backed pension scheme.

FSA chairman Lord Turner says: “I am delighted Lawrence has agreed to serve as FSCS chairman. He will bring an invaluable set of skills and knowledge from his varied experience in the financial services sector over many years, which will only benefit the FSCS.

“David has made a significant contribution to the FSCS and financial services since he was appointed chairman over six years ago. He played an important role in navigating the FSCS through many great challenges and unchartered territory, including the banking failures of 2008. David has always provided a positive lead to the board through many subsequent challenges. We wish him well for the future.”

Churchill says: “The FSCS will continue to play a vital role in providing confidence in the financial services sector this year and onwards. It is vital that consumers continue to be informed and made fully aware of the levels of protection that the FSCS provides, especially during times of economic uncertainty.”

Outgoing FSCS chairman David Hall says: “I feel privileged to have been chairman of the FSCS since March 2006 and there have been many challenges in that time. I would like to thank all those who have been involved in taking the FSCS forward, including the board for their support and efforts during my chairmanship.

“I am confident Lawrence will benefit greatly from the ever growing support and contributions of everyone, as I am also sure that his experience and skills will prove invaluable to the FSCS.”

Hall was awarded a CBE for services to the financial services industry in this year’s New Year’s Honours list.

Churchill was also recognised in the New Year’s Honours list for 2010. He was awarded a CBE for services to public service.

 

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Readers' comments (3)

  • Now, how about stopping the illegal disclosure of confidential information about which firms advised on KIS products and putting into place an industry wide product levy instead of shafting advisers.
    The polluters must pay, the real polluters are the product providers who do not make products clear and transparent and which can be properly assessed as to the REAL risks to capital they represent.

    If such a system was put in force IFAs would not be faced with the unlimited liabilities occasioned by such events as Lehman, KIS,Integrity, Arch Cru etc.

    I would suggest a 5% product levy accross the board of all financial products which involve risks to capital, paid by the consumer in the form of charges, just like Car Insurance premiums represent the risks presented by dangerous or uninsured drivers.

    Common sense at the FSCS would be nice for once.

    Unsuitable or offensive? Report this comment

  • Another parasite leeching on the blood of the advice industry.

    I'm sick of the lot of them.

    OBE's, CBE's - how does anyone not educated at Oxbridge get to join this club of boys with jobs.

    Unsuitable or offensive? Report this comment

  • What does a chairman actually do apart from sit at the head of the table at executive meetings, perhaps chipping in with the odd suggestion?

    And what's his remuneration package going to be for just sitting in a few meetings each month?

    How many hours a month will he be working?

    What are his other business interests?

    Will he be remotely worth what he'll be costing us all to fund?

    Who knows? we don't have any say in such matters. Ours is not to question why, ours is but to pay up or pack up.

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