The Government has appointed KPMG UK chairman John Griffith-Jones as the first chair designate of the Financial Conduct Authority.
Griffith-Jones (pictured) will join the FSA board on September 1 as a non-executive director and deputy chair.
He will work with FCA chief executive designate Martin Wheatley to oversee the creation of the new regulator which will supervise the conduct of financial services firms under the new regulatory structure.
Griffith-Jones was educated at Eton College and went on to gain a masters degree in economics from Cambridge University. He has also spent time with the British Army’s Royal Green Jackets regiment.
He joined KPMG in 1975 as part of the firm’s audit division, before rising through the ranks to become KPMG partner in 1987 and KPMG UK chief executive in 2002. During his time at KPMG Griffith-Jones has advised the Government on privatisations and public finance initiative projects including those in the rail and hospital sectors.
He became KPMG UK chairman in 2006, joint chairman of KPMG Europe in October 2007, and chairman of KPMG Europe, Middle East, Africa and India in October 2008.
Lord Adair Turner will continue as FSA executive chairman until the transition to the Prudential Regulation Authority and the FCA is complete.
Turner says: “I am delighted to welcome John Griffith-Jones to the FSA board and as the future chair of the FCA. His judgement and independence of mind will be of great value to the FCA as it builds on the developments the FSA has made in respect of conduct regulation.”
Griffith-Jones says: “Having worked in the financial world all my professional career, I know how important it is that consumers, investors and businesses have trust in the integrity of the UK’s financial services industry and markets. I see the future role of the FCA as key to rebuilding that trust, in particular through its increased focus on consumer protection and choice.”
The FSA is due to be replaced by the PRA and FCA in early 2013. Griffith-Jones will retire from KPMG in August this year.
KPMG warned in a report last week that regulation is causing some advisers and wealth managers to de-risk retiring clients’ portfolios too soon whilst also steering investors away from financial advice altogether.