Former Life Trust Holdings chief executive Andy Briscoe has been appointed chair of the Money Advice Service.
A panel consisting of representatives from the FCA, HM Treasury and MAS 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 lived, but concerns were raised it was a “high stakes” product with only a small window of payback.
Briscoe, who takes up the post on 27 September, will be paid £74,000 a year for two days a week, the same as outgoing MAS chairman Gerald Lemos – a figure that the organisation 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 adviser for Carlyle Group.
Briscoe says: “I am excited to have the oppor-tunity 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.”
Worldwide Financial Planning IFA Nick McBreen says: “It is normally civil servants appointed to this role so it is good to bring in some industry experience. It is crucial to have someone who knows what they are talking about.”