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George Osborne announces advisory team to shake-up FSA

Shadow Chancellor George Osborne has appointed a team of advisers to help him overhaul  financial regulation in the UK.

The newly-created nine-strong implementation advisory group will help Conservatives iron out its plan to disband the Financial Services Authority if Tories win the next election.

The team which is made up of banking, regulatory and consumer experts, will work alongside the ongoing consultations the Conservatives are having with the FSA, says Osborne.

It includes former FSA managing director Michael Foot, Lloyds Banking Group chief risk director Carol Sergeant and former Prudential UK chief executive Nick Prettejohn.

Other members include Oliver Wyman partner Davide Taliente, former UBS investment banking division vice chairman Simon McGuire, former head of European law at the FSA Jonathan Herbert, former chief executive of Scottish Financial Enterprise Amanda Harvie, Citizens Advice director of public policy Teresa Perchard and former PricewaterhouseCoopers’ financial services regulatory practice chairman John Tattersall.

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Comments

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

  1. Obviously no notice whatsoever has been taken of my exhortations to Mark Hoban that breaking up the FSA into a cluster of new quangos staffed largely by exactly the same people as before will cost the industry a bomb and probably achieve vastly less than would a root and branch reform of what we already have. I really don’t like Mark Hoban.

  2. Philip Meadowcroft 21st October 2009 at 4:20 pm

    Wasn’t it on Nick Prettejohn’s watch as CE at Prudential that the Pru decided to lift £1.6 BILLION from the Pru’s Inherited Estate (rather than shareholders funds) to meet the Pru’s mis-selling costs. I recall this nugget was dragged out of him under questioning at the Treasury Select Committee hearings last year. Is this the sort of soul the Tories should be getting advice from ?

  3. Yes it was Nick Prettejohn, chief executive of Prudential, that told the TSC that it had used “about £1.6billion in total” to pay compensation for misselling victims and the cost of admin of those payments, all of which came out of the inherited estate. They made the consumers pay for the Prus errors! And this is a man advising on RDR!!! Add to Nick Prettejohn a few FSA members and you have a good indication of what the CPA will look like – the FSA with another name! Come on George you need to be a little more radical.

  4. Philip Meadowcroft 21st October 2009 at 10:46 pm

    It strikes me then that the Conservative Party leadership may not have much of a clue about how to go about the task of creating a sensible and effective regulatory environment for financial services.

  5. So no IFA’s, no mortgage brokers and no insurance brokers amongst the advisory team then?

  6. Blimey Norm. It’s taken you 20 months to figure that one out??

  7. Not at all WTF. I’m merely banging the drum again in the vain hope that some ….er high up listens.

    Like Marvin the paranoid android, I’m becoming SOoooo depressed!

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