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FSA&#39s law head Minghella is new FSCS chief

The Financial Services Compensation Scheme has appointed the FSA&#39s head of enforcement law Loretta Minghella as its new chief executive.

Minghella was once a defence lawyer for white-collar crime cases and now runs the FSA department responsible for legislative change covering enforcement and strategic legal matters in addition to policy issues arising from overseas regulators.

She takes over at the FSCS from acting chief executive Ron Devlin at a time of dramatic rises in compensation bills for IFAs. Industry commentators predict that next year&#39s bills will be even higher for IFAs, with the future of the providers&#39 cross-subsidy in jeopardy and more liabilities from closed IFA firms expected to land on the scheme.

Minghella says: “The FSCS plays a vital role in protecting consumers who have nowhere to else to turn and in helping maintain confidence in our financial markets. “The scheme is under increasing pressure from rising claims particularly in relation to investment business. It is also preparing for its new responsibilities for potential claims against mortgage and general insurance intermediaries.

“The scheme needs to ensure that consumers receive compensation in a reasonable timescale and that costs are kept as low as possible for firms that fund the scheme.”

Minghella previously worked as a white-collar crime defence lawyer, then moved to the DTI investigations division. She then joined the legal division of SIB before setting up its enforcement law and policy support function before the move to the FSA.



Lockyer and FSCS clash

A row has broken out between Berkeley Berry Birch group chairman Cliff Lockyer and the Financial Services Compensation Scheme over the calculation of potential redress against the collapsed Berry Birch & Noble Financial Services. Lockyer has accused the FSCS of “crass stupidity” when calculating potential redress because he disagrees with its assessment of potential claims. […]

Zip along to St Paul&#39s

Cauldron Consulting PR Jain Castiau is living the high life in the City for charity on September 16 and 17. The British Military Fitness is helping fundraisers whizz down a 200ft zipwire for charity. The wire runs from a 100ft tower attached to St Paul&#39s Cathedral down into Queen&#39s Head Passage by Paternoster Square. The […]

Out of context

•”I&#39m learning how to do my job better – give me a call tomorrow and I&#39ll be an expert.” – IFP chief executive Nick Cann attending a customer services conference. •”At least you didn&#39t all get to see my pants.” – Sway&#39s Tabitha Wood is sent sprawling in her evening dress after she trips over […]


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