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David Severn – from the regulator to the relegated REGULATED

David Severn was head of the policy
division at the PIA and has been at the FSA since its inception,
occupying the same role although his title has changed during that
period. He is currently head of retail investments policyJanuary
2001FSA proposes widening customer product choice. A review of
polarisation headed by Severn is launched considering lifting
restrictions for the sale of stakeholder pensions, Cat-standard Isas
and direct-offer financial promotions pushing productsOctober 2001 –
Severn questions practicality of multi-ties at FSA open meeting on
polarisationJanuary 2002FSA U-turn axes polarisation after review
headed by Severn. Defined-payment system ditching commission and
forcing up-front disclosure of fees by advisers wanting to retain
independent status is revealed and widely criticisedSeptember
2002Severn says he wants to drop defined-payment system if a more
palatable alternative can be foundOctober 2002FSA drops
defined-payment system for Aifa’s menuJuly 2004Severn heads
fundamental review of projection ratesDecember 2004Severn is
appointed as new director general of Aifa to start in February
2005

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