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Ex-bank director joins FSA’s post-Rock squad

The FSA has appointed former Barclays group finance director Naguib Kheraj to bolster its supervision processes in response to the Northern Rock debacle.

Kheraj is to join the regulator as senior adviser to the supervisory enhancement programme created to implement the recommendations identified by the scathing internal audit review of the FSA’s handling of Northern Rock.

He will report directly to chief executive Hector Sants and will advise on aspects of the design and execution of the programme.

Kheraj joined Barclays from Robert Fleming, where he was co-head of global capital markets. He was previously a managing director at Salomon Brothers.

He will start his assignment on April 28 and will work on a part-time basis.

Sants says: “We are fortunate to have access to the valuable industry perspective that Naguib, as a senior banker of many years experience, will bring to the FSA. His insight and understanding of financial services will be invaluable to the newly created supervisory enhancement programme team as they begin their task of strengthening our supervisory process. A successful regulator has to seek constantly to learn, change and improve, which are skills that Naguib has amply demonstrated over his career.”

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