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The chief exec stakes

Paul McMillan assesses the odds on some of the FSA contenders.

Brian Bender

Career civil servant. Permanent secretary at the DTI since 2005 and before that was permanent secretary at the Department for Environment, Food and Rural Affairs. First joined the DTI in 1973. Will be looking for a new role with the expected dismantling of the DTI but is more familiar with the Food Standards Agency than the Financial Services Authority.

The Quiet American – Deanne Julius, CBE

Leading American economist with great City connections who was a founder member of the monetary policy committee and is currently a non-executive director at Lloyds TSB. Wrote influential report in the run-up to mortgage regulation that ensured providers did not regulate brokers and is well thought of at the Treasury.

City Slicker – Hector Sants

Favourite with many for his City experience as chief executive at Credit Suisse First Boston and the way he has handled the job since taking the role of FSA managing director wholesale and institutional markets.

Senior Statesman – Sir Steve Robson

Career civil servant who joined the Treasury from university. Retired as second permanent secretary to the Treasury in 2001 where responsibilities included the legal framework for regulation of the UK financial services industry. Currently non-executive director at Royal Bank of Scotland. Obviously great contacts at the Treasury.

Industry General – James Crosby

The bookies’ external favourite who was formerly chief executive of HBOS and has been a member of the FSA non-executive board since 2004.

Mystery runner – What about someone from the IFA sector?

IFA Defence Union chairman Evan Owen has ruled himself out of contention but has anyone else got the credentials? Howard Flight might be looking for a role if he cannot find a seat to fight or the campaign to make him a lord is unsuccessful.

Home Boy – Clive Briault

Another internal front-runner who has been with the regulator since its inception in 1998 as director of central policy. Now managing director of retail markets, he is well versed in the FSA’s principle-based thinking but as much of his work is still in progress, some people question if he has done enough yet as MD to impress the committee.

Government Golden Girl – Kate Barker

Current MPC member who has written influential planning reports for the Treasury. Formerly chief economic adviser at the CBI and before that was chief European economist at Ford.

Comeback Kid – Gay Huey Evans

Now in charge of Citigroup’s hedge fund business in London, she left the FSA in 2005 where she held the post of head of the capital markets sector to become poacher turned gamekeeper at Citigroup. Joined the FSA in 1998 from the Bankers Trust Company where she worked as senior managing director of risk management. Thought of as one of the most influential women in the banking industry.

Woman Scorned – Carol Sergeant

Left the FSA in 2003 after being passed over for the chief executive role in favour of John Tiner. Held positions at the Bank of England before joining the FSA in 1998 rising to managing director, regulatory processes and risks. Currently chief risk regulator at Lloyds TSB she used a speech earlier in the year to warn of the dangers of principle-based regulation in the retail sector.

All-Rounder – Clare Spottiswoode

Currently policyholder advocate at Aviva, her CV is an impressive mixture of civil service, business and regulatory experience. Was deputy chairman of British Energy and before that was director general of Ofgas.

Smooth Operator – David Kenmir

The only other hotly tipped internal candidate gained a positive reputation for his impressive handling of the professional indemnity insurance crisis among IFAs but does the wider world care? Also seen as the best manager among the three managing directors.

Long regulatory history working at the Securities and Futures Authority before joining the FSA at its inception.

Man from the Bank – Sir John Gieve

Currently deputy governor for financial stability at the Bank of England, member of the MPC and also a board member at the FSA.

Before joining the BoE in January 2006, he was permanent secretary of the Home Office from 2001 during a calamitous period with three different Home Secretaries. Spent his early career in various Treasury posts.


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