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Categories:Regulation

Lloyds risk chief linked to senior FSA post

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Lloyds Banking Group chief risk officer Carol Sergeant is leaving the bank amid reports linking her to a senior role within the new regulatory structure.

The Financial Times says Sergeant is considered a strong candidate to head up either the Consumer Protection and Markets Authority, the Prudential Regulation Authority, or one of the other break-away organisations formed from the break up of the FSA.

Sergeant joined the Bank of England in 1974 and moved to the FSA in 1997.

She was considered for the FSA chief executive role in 2003 after Howard Davies left, but the role was given instead to John Tiner.

Sergeant joined Lloyds TSB in 2004 and was appointed to the group executive committee. She led efforts to review risk and compliance operations in HBOS after it merged with Lloyds to create Lloyds Banking Group in 2008.

On Sergeant’s departure Lloyds group chief executive Eric Daniels says: “I am very grateful to Carol for the contribution she has made to the group as a key member of its executive committee.  

“She has established an outstanding risk leadership team and has implemented industry-leading risk management standards and practices.  We wish her every success for the future.”
 
Sergeant says: “I am very proud of what we at Lloyds Banking Group have achieved together during a period of enormous change for the financial services industry.

“The group is on a good trajectory, underpinned by a strong risk function and risk management disciplines, and I believe now is the right time for me to seek new challenges.”

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Readers' comments (8)

  • Here we go again. The jobs at the banks and the regulators just keep being churned and we are the ones who suffer. I wonder how much this superstar will be paid by salary, bonus, car, pension, expenses etc?
    Or am I just jealous? You're darn right I am!

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  • Can someone explain how someone in charge of risk at bank that was bailed out by us the tax payers is now being considered for a role at the FSA?

    Things will not improve until this cosy relationship between the regulators and the 'big boys' is stopped. Why would someone at the FSA really target the main culprits involved in mis-selling when they know it would seriously jeapordise their chances of a role with the same culprits. This conflict of interests is scandalous.

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  • I think IFAs should be getting worried.

    This woman is a member of Hobans " Advisory Implementation Team ". This cadre of pro bancassurance buddies is there to bury IFAs.

    Don't say you weren't warned.

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  • Sergeant says: “I am very proud of what we at Lloyds Banking Group have achieved together during a period of enormous change for the financial services industry.

    “The group is on a good trajectory, underpinned by a strong risk function and risk management disciplines, and I believe now is the right time for me to seek new challenges.”

    Yawn...

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  • If she ends up at the Prudential Regulation Authority assessing the risk of the banks and leaves the IFAs to those who know our business that will be the lesser of the 2 potential evils.

    There is evidence however that if Looyds had not been forced to take over HBOS it would not have needed a Govenment bail out and is ahead of its repayment schedule.

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  • Risk? What is one of those then?

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  • No Surprise the train chugs on...

    Look at the full membership on the RDR implementation committee. Mr. M Hoban MP takes advice from a string of bankers, advisers to bankers and former FSA officials. His nine strong team includes:

    Michael Foot, former FSA managing director;

    Carol Sergeant, chief risk director at Lloyds Banking Group; and

    Nick Prettejohn, former Prudential UK chief executive.

    Davide Taliente, partner at Oliver Wyman,

    Simon McGuire, former vice chairman of UBS's investment banking division,

    Jonathan Herbert, former head of European law at the FSA

    Amanda Harvie former chief executive of Scottish Financial Enterprise,

    Teresa Perchard, director of public policy for Citizens Advice; and

    John Tattersall former chairman of financial services regulatory practice at PwC.

    NB: Foot, Sergeant and Herbert are all ex FSA, Tattershall is the former boss at PWC when Hoban and Chris Cummings were both there, Sergent, Taliente and McGuire either bankers or advise bankers.

    This is a small club and guess who’s not in it – the IFA! The sum total of this groups reads to me like a pro RDR, FSA and banking club.

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  • Is this not somewhat ironic? A CRO before and during the credit crisis and one who was an ex regulator as well, is now somehow seriously considered as a candidates to rejoin the regulator? Also, where is the logc behind the statement “The group is on a good trajectory, underpinned by a strong risk function and risk management disciplines..." Can we ask where exactly was this strong risk discipline before the credit crisis and also when acquiring Lloyds? How can the executive of a bank which had to be rescused by the government somehow later present its recent past as a success? This 'Alice in Wonderland' style of doing business makes a mockery of financial regulation in this country. It seems that little has changed and, if anything, such behaviour has become worse than before.

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