Phoenix Group has appointed former FSA chairman Sir Howard Davies as its new chairman.
Davies was chairman of the FSA between 1997 and 2003 and currently holds non-executive director roles with Prudential and Morgan Stanley.
He will replace Ron Sandler as chairman from October. Phoenix announced in March that Sandler would be leaving the firm having been in the role since September 2009.
Phoenix Group senior independent director Alastair Lyons says; “He has a deep understanding of public company corporate governance and risk management, and a breadth of experience within financial services.”
Brunning Newman Houghton director David Brunning says: “I think Sir Howard is capable of handling the position but I do not know if he is capable of improving the Phoenix service standards which are dreadful. It will certainly be a challenge for him.”