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Mick McAteer joins FSA board

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The FSA has appointed Mick McAteer, Brian Pomeroy, Andrew Scott and James Strachan as non-executive directors.

McAteer is most famous for his role as Which? principal policy adviser, a position he quit in July 2006 after 13 years. He is also founder and director of the Financial Inclusion Centre, an independent, not-for-profit think-tank that aims to promote properly regulated financial markets.

He is a non-executive director of the Pension Advisory Service and board member of the Financial Reporting Council’s Professional Oversight Board.

Pomeroy is chair of the Financial Inclusion Task Force and Scott is a professor of economics at the London Business School, fellow of the Centre for Economic Policy Research and managing editor for the Royal Economic Society’s Economic Journal.

Strachan is a non-executive director of Legal & General, JPMorgan Asian Investment Trust and Social Finance Limited. He was formerly chair of the Audit Commission, managing director and board member of Merrill Lynch International. He ws also director of the Bank of England until May 2009.

Chancellor Alistair Darling says: “I am very pleased to announce the appointment of these new members to the FSA board. Their mix of capabilities and backgrounds will make a valuable contribution to the work of the FSA.

“I would also like to take the opportunity to thank Michael Slack, who will step down from the board at the end of this month, for his contribution to the work of the board.”

Which? chief executive Peter Vicary-Smith adds: “For too long, regulation of financial services has been left almost exclusively in the hands of people with an industry background. We urgently need a culture change on the FSA board so that challenges to the industry line are voiced at the highest level.

“We welcome these new appointments, which will help to inject fresh perspective into the FSA’s decision-making and will hopefully herald the step change in financial regulation for which we have been campaigning so vigorously.”

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Readers' comments (13)

  • I can see now why my application was unsuccessful. So much for them 'encouraging' applications from small IFAs.

    At least it means I won't have to work with Mick McAteer. I'm thankful for that.

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  • McAteer is a hot headed man whose judgement is untrustrworthy. Whilst with Which? he converneinetly forgot that his organ had recommended Equiotable Life as a provider for endowment policies. I attended a meeting at which he was asked to address that matter and its bearing on the stance he and Which? then took on endowment policies-he became angry and stormed out.

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  • Fantastic - not only are the FSA trying to deflect their poor regulatory practices with the banking debacle by introducing ever more guidelines for the ifa sector!- but they have now bringing in Mr 'Hachet' McAteer who having had the pleasure of seeing his view on our profession personally - will not think twice about regulating IFA's out the industry completely-'Will the last one leaving the industry, please close the door behind them!!'

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  • What a pity Mr McAteer, previously with Which Magazine, has been chosen rather than a properly qualified IFA, will the FSA never learn and take example from the Law Society?

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  • One cannot argue with his credentials as a consumer champion, but he might bring a more balanced perspective to the issue at hand if he actually had some practical experience in the field, not least running an IFA practice, for example.

    If he did, he might appreciate the overheads involved, not just in terms of ordinary business costs but the costs of all the regulatory bodies whose existences we have to pay to support, on pain of loss of livelihood if we don't pay up. Then, of course, there are all the regulatory hoops and hurdles to be jumped through and over, with the former constantly being made smaller and the latter constantly being made higher, in addition to the tonnage of red tape, inefficient product providers, eye-watering PII premiums, hindsight reviews, CPD, TCF and so on ad infinitum whilst the FSA grows and grows like a cancer and however badly it fails in its remit, the bonuses never stop.

    And yet, Mr McAteer is one of those blinkered do goody-goods who thinks everyone should have the benefit of our services on stakeholder terms.

    So yes, he's probably a good bloke from the point of view of arguing for a better deal for the consumer, but I fear that his viewpoint is somewhat one-sided.

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  • MM is indeed a strange appointment.

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  • On a recent LBS course I attended Andrew Scott was able to explain in very simple terms the underlying causes of the banking crisis in language that even I could understand

    We need an eclectic mix but I agree we also need resentation from those that advise the clients of middle England and understand their real issues and sentiments when it comes to oney matters

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  • McAteer orchestrated the complaints against the use of low-cost endowments whilst at The Consumer Association. This included the promotion of a claim form on the Which magazine website. However in April 1988 The Consumer Association's Which magazine recommended 'repayment and low-cost endowment mortgages are neck and neck as Best Buys'.

    In addition McAteer famously stated on the BBC Moneybox programme, that 'mortgage endowments are not guaranteed to pay off a mortgage'. What absolute tosh, low-cost endowments may not be guaranteed to pay off the mortgage, it depends on the size of the mortgage and the amount of the underlying guarantee, but full endowment mortgages always pay the mortgage on either death or maturity.

    With such a person on the FSA board the public will be able to rely on the same protection that they have always received from the regulator and be resigned to paying an outrageous cost.

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  • Anther clueless wonder joining an already discredited organisation.How many people in the FSA have had any experience of the IFA or mortgage practice world.Very few if the truth be known

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  • I have got to agree with Julian Stevens, also I believe that the root of the problem is those in the selection and approval of these individuals other comments on the blogg suggest that McAteer is a hothead is this the type we should accept also as major subscribers to the FSA I think the IFA,s should have some input (vote) on these matters I just hope that the other individuals joining him at the helm are not YES MEN and will tobber him down should he rant and rave quite honestly I dont think that coming from WHICH means much as I dont rate them anyway

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