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Money Advice Service appoints new chairman Andy Briscoe

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Incoming Money Advice Service chairman Andy Briscoe

Former Life Trust Holdings chief executive Andy Briscoe has been appointed chair of the Money Advice Service.

A panel comprised of representatives from the Financial Conduct Authority, HM Treasury and Money Advice Service board members selected Briscoe.

Life Trust was forced to close to new business in 2009 due to difficult market conditions. Life Trust offered a lump-sum investment designed to provide an individual with a rising income the longer they live, but concerns were raised that it was a “high stakes” product with only a small window of payback.

Briscoe will be paid £74,000 a year for two days a week, the same as his outgoing chairman Gerald Lemos, which MAS says is in line with market expectations. 

MAS says he was chosen on the basis of his boardroom experience, his 27 years in the financial services industry and because of the complementary skills he offers to MAS chief executive Caroline Rookes.

Briscoe is currently chairman of The Policy Shop, a general insurance intermediary. Previously, he was chief executive of Life Trust Holdings and managing director of AA Insurance, before acting as an advisor for Carlyle Group.

Briscoe’s appointment was confirmed at a meeting of the FCA Board last week. He will take up the role on 27 September when Lemos stands down. 

FCA chairman John Griffith-Jones says:“Andy’s significant experience in boardrooms, as well as his knowledge of the financial services made him an outstanding candidate. It is a great benefit to have a chair who knows how the industry works and who can lead the Money Advice Service forward as it provides advice to consumers across the UK and co-ordinates the provision of debt advice by other bodies.”

MAS chairman Andy Briscoe says: “In these tough economic times, some people are facing financial problems and anxiety.  So this is an important time for me to be joining the Money Advice Service as chairman. I am excited to have the opportunity to help consumers better understand the options available to them, and through planning their finances, to help everyone to make the most of their money.”

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Comments

There are 8 comments at the moment, we would love to hear your opinion too.

  1. £74k for 2 days work – not bad!

  2. But I was told by the FSA that MAS does not give advice when I applied to work there! Surely what MAS needs is a practioner of financial advice who has actually sat with consumers and can a guiding light to them in their quest for financial help. Still more ‘jobs for the boys’ I fear, as ever.

  3. RegulatorSaurusRex 1st August 2013 at 11:52 am

    This is like watching the Spanish rail crash in slow motion over and over again.

  4. Nice little financial merry go round at MAS staff turnover is amazing !!

    More gravy anyone ?

  5. WHAT !!!!

    CE of a company that has had to close to new business !!!! and paid £74k for 2 days work a week !!!!

    And Griffith Jones says he is a “outstanding candidate”

    Gobsmacked !!! what a bunch of morons we have !!

  6. Incompetent regulators 1st August 2013 at 1:24 pm

    I thought they were shutting this dodgy outfit down?

  7. Hey guys, it’s just OPM so WGAF? He’s in the club and that’s what counts.

    Bet he’ll be in line for a nice juicy bonus as well, just for turning up 96 times a year.

    What’s he actually going to do that’ll be worth £74,000 p.a.? Cost:Benefits Analysis anyone?

  8. Brigadier Hewson Bundlebrask 2nd August 2013 at 9:36 am

    Perhaps the FCA would like to confirm which individual or committee took this decision. If a committee then who sat on this committee.

    Surely not his next-door neighbour and his mate down the club….oh, really.

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