View more on these topics

Treasury names FCA board

Baigrie Davies director Amanda Davidson
Baigrie Davies director Amanda Davidson

The Treasury has named the 12 members of the Financial Conduct Authority board, which includes Baigrie Davies director Amanda Davidson.

The four executive members include FCA chairman John Griffith-Jones, chief executive Martin Wheatley, director of enforcement and financial crime Tracey McDermott, director of supervision Clive Adamson and chief operating officer Lesley Titcomb.

Prudential Regulation Authority chief executive Andrew Bailey is a non-executive director alongside FSA board members Mick McAteer, Sir Brian Pomeroy and Davidson.

They will be joined by three new non-executive directors including National Savings and Investments chief executive Jane Platt, former Citizens Advice chief executive David Harker and Office of Fair Trading chief economist Amelia Fletcher.

Griffith-Jones says: “The creation of a new financial regulator is a once in a generation event and the regulatory objectives set out for the FCA by Parliament demand a wide skill set. Therefore, I am especially pleased with the range and depth of experience of our new board, as we embark on the FCA journey.”

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There are 9 comments at the moment, we would love to hear your opinion too.

  1. It would interest me to know the Oxbridge element here in percentage terms and also to know if any of the board have financial services qualifications.

  2. Good point Paul, as usual the so called great and good and No representaives from Joe Public.

    I also wince at the term “non-executive” which generally means part-time and highly paid.

    Will each member of this board be devoting at least 40 hours a week?

    Will all members be getting a final salary pension or be auto-enrolled like Joe Public into NEST?

  3. The Grey Defector 28th March 2013 at 1:03 pm

    A totally inappropriate balance but we could have guessed this yesterday

  4. @Paul Woolley

    Also it is ‘interesting’ to know how much these non-execs get paid for rolling up once a month. I would have thought that a few bob in expenses would be ample. You are not supposed to have these positions for the money – or have I got that wrong. I thought they were in it for the Gong at the end. There are too may sinecures in all these Regulatory Quangos that are generous with our money.

  5. Maurice Buckingham 28th March 2013 at 2:39 pm

    Where has John Griffiths-Jones been the last few years?!
    “The creation of a new financial regulator is a once in a generation event..”
    Generations must be a lot shorter than I ever imagined!

  6. For 2011/12 non exec directors received £35,000 unless they involved themselves in chairing a committee which pays an additional £10k.

    Polite commenrts only, please.

  7. “The creation of a new financial regulator is a once in a generation event”?????

    A generation is normally defined as 25 years, how many regulators have we had in that short time?

  8. The Who Are We? page of the FSA’s website states “The Financial Services Authority (FSA) is an independent non-governmental body….”

    That, as we know, was a plain lie which the the FCA, one may assume, does not wish to perpetuate, instead describing itself as “an independent financial regulator………….accountable to HM Treasury and Parliament”.

    Whilst this doesn’t go quite as far as claiming to be an independent non-government body, the fact that the Treasury (which, to the best of my knowledge, is very much a part of the government) has named the 12 members of the Financial Conduct Authority board is a pretty clear indication that the FCA is very much controlled by the Treasury and is therefore part of the government.

    The one and only aspect of the FCA’s constitution which is independent of the government is how it’s funded, in much the same way as the MAS is merely an industry-funded version of the CAB.

    Given that the industry will be forced to pay the salaries of everyone who works for the FCA, should the industry not be allowed at least some input in terms of who those people are?

  9. http://www.baigriedavies.co.uk

    ‘whoopsie’ – Do I spot one size fits all Standard Life Wrap.

    ‘whoopsie’ – Still accepting commission? http://www.baigriedavies.co.uk/cms/upload/BD_IDD_BDTIS_191.pdf

    Maybe Amanda Davidson may like to put her own house in order first???

Leave a comment