Advisers have welcomed the appointment of former Skandia UK chief executive Nick Poyntz-Wright to lead the FSA’s life insurance department.
Poyntz-Wright, who will join the regulator on September 1, will report to Clive Adamson who heads the supervision division in the regulator’s conduct of business unit.
An FSA spokesman says Poyntz-Wright’s appointment follows a restructure of the CBU to create a new role focusing purely on life insurance regulation. He says: “The CBU has rejigged internally. This is a new role that has been created as part of that because we did not have anything looking at this remit before.
“His department will be responsible for ensuring the effective retail conduct supervision of the life insurance sector.”
Poyntz-Wright was Skandia UK chief executive from June 2004 to July 2010. He was managing director of the firm’s UK operating division from 2001 to 2004 and chief actuary and international operations director from 1995 to 2001.
Syndaxi Chartered Financial Planners managing director Robert Reid says: “I think it is very sensible for the FSA to look at the life insurance sector from a retail conduct perspective. Nick will do a very good job for them.”