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FSA appoints Yorkshire chief as Practitioner Panel chairman

The FSA has today announced the appointment of Yorkshire Building Society chief executive Iain Cornish as Financial Services Practitioner Panel chairman.

Cornish takes over from Nick Prettejohn and will be in the role for two years from December 1, 2009.

Cornish has been chief executive of YBS since July 2003 and has been a member of the Practitioner Panel since March 2007.

He says: “The FSA is currently under more pressure than ever. Everyone has an interest in the effective and proportionate regulation of financial services. I want to ensure that the Practitioner Panel helps the FSA to get the balance right and that it provides a constructive industry voice on the issues which are at the heart of FSA policy making.”

FSA chairman Adair Turner adds: “The Practitioner Panel provides the FSA with a senior industry sounding board which is extremely valuable in ensuring we take firms’ interests into account. I thank Nick Prettejohn for all his advice during his chairmanship and look forward to working with Iain in the future.”

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Comments

There are 7 comments at the moment, we would love to hear your opinion too.

  1. Does the panel have any representatives from the the IFA sector of the market?

  2. True to form this is the Practitioner Panel without any Practitioners! It all part of the Stasi thought master plans to contol the media and those they regulate! Bit like the so called RDR consultation (templated FSA website with the FSA setting the questions). Call it a Practitioners Panel, call it independent (FSA appoints it members) and then fill it with professional “panel sitters”.

  3. With ‘senior’ people from RBS and the Chairman of a building society, it tells you all you need to know about the so-called practitioner panel.

    Practicing what, exactly ?

  4. Following the above anonymous comments there is no representation for SME’s on the FSPP.

    Representation for SME’s is via the ‘Smaller Businesses Practitioner Panel’. (Link from the FSPP site)

    The SBPP is ‘permitted’ to send either its chairman or his deputy to FSPP meetings on an ‘ex-officio’ basis where they are allowed to ‘advise’ the FSPP on issues to do with SME’s.

    So despite the fact that there are well in excess of 20,000 IFA’s and brokers authorised by the FSA they are held at arms length and have no direct representation, indeed the major firms and the FSA can effectively block any representation by the simple bureaucratic device of declining to follow the ‘advice’ the SBPP may manage to give. This is not difficult when the FSA appoints people from the large firms.

    What a little gem of a set up for the FSA! It effectively lets the larger firms and it’s own place men filter and ‘regulate’ everything that is going to be put forward to themselves.

    With this type of fixed set up how much SME representation do you think ever reaches the rarified air in Canary Wharfe?

    Anyone got an A6 sized sheet of paper and large handwriting to list it all?

  5. Never has been any “Practitioners” just on this cosy quango sub commission. It is a complete waste of our clients money and could be cut with no detriment to consumer/client.

  6. A Nuthernon E Mouse 7th December 2009 at 3:08 pm

    There is also a Smaller Businesses Practitioner Panel http://www.sbpp.org.uk/, which is supposed to cater for most IFAs, insurance & mortgage brokers.

    You may be interested in “Key Current Topics,” which include:

    1 “Banking regulation

    The first year of retail banking regulation by the FSA will be watched carefully by the Panel to see that it works effectively for the industry and consumers alike… ”

    2 “Retail distribution review

    This will have significant and far reaching implications for smaller firms in the retail investment market…”

    3 “Prudential regulation

    The prudential regulation requirements must not be allowed to lead to unnecessary burdens on smaller firms…”

    Yeah, right!

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