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Osborne advice team to shake up regulation

Conservative Shadow Chancellor George Osborne has appointed a team of advisers to help him shape plans to overhaul financial regulation.

The implementation advisory group of nine will help the Conservatives iron out its plans to disband the FSA if they win the next election.

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

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.

Calculis director Alex Pegley says: “The team, if chosen from experts in multi-disciplinary areas and given free rein to come to its own conclusions rather than simply being used to back up Tory party policies, could be invaluable in shaping the regulator or regulators of the future.

“My immediate reaction to the idea of the Tories scrapping the FSA is better the devil you know but it needs an overhaul.”

Riach Independent Financial Advisers proprietor Bob Riach says: “I do not think that the FSA should be scrapped. How much will it cost to scrap the FSA and set up a new regulatory body who will probably re-employ some of the same FSA staff?”

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