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.”