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Bank on Foot for deposit regulation

Michael Foot, who was appointed in June 1998, is the long-est-serving managing director at the FSA.

Of the three MDs serving at this level, which is second only to chairman Howard Davies in the FSA hierarchy, Foot is the least relevant to the IFA community.

While his title has changed marginally since he took up the role, his responsibilities have essentially remained the same. His official description is head of financial supervision.

What this means in plain English is that Foot is in charge of all deposit-takers, including banks and building societies, as well as having control over the financial exchanges and listing authorities.

Foot is an associate of the Chartered Institute of Bankers and is the author of a number of articles on monetary policy and monetary history. He was originally responsible for the insurance and investment divisions but these were separated earlier this year when John Tiner was brought on board.

Given Foot&#39s background, it is no surprise that he has been left in charge of these areas. Before coming to the FSA, he spent his entire career, some 29 years, at the Bank of England.

After spending 12 years as an economist with the bank, he moved on to a variety of other positions, including wor-king in the gilt-edged market, the domestic money market, alternate director for the UK at the IMF, head of the foreign exchange division and head of the European division, becoming deputy director (supervision and surveillance) in 1994. He was appointed executive director in March 1996.

When asked what he does for a living, however, Foot still describes himself as an economist, a job he has not done in 20 years.

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