Where do failed regulators (and bureaucrats) wash ashore?
David Kenmir • Regulatory practice partner for PriceWaterhouseCoopers (left 31/3/09)
Carol Sargeant • Chief Risk Director Lloyds TSB February 2004 - 2010 (left Oct 2003) • Chair of Simple Products Steering Group • Chair of ABI Audit of Legacy Pension Schemes
Clive Briault • Own Consultancy (left 30/4/08) • The Toronto Centre for Leadership in Financial Supervision – October 2008 • Chairman Newham New Deal Partnership – November 2008 • Financial Services Compliance (as principal consultant) - 2008 • Non-exec director of IFA IN Partnership – April 2009 • Senior Adviser (part time) KPMG - August 2010
Revealing quote
"The answer to the financial crisis is more regulation. The answer is: get tough. It is about trusting the industry less, and taking a tough approach as regulators, being braver as regulators. One of the things that was part of the collective intellectual failure running up to August 2007 was regulation. Regulation needs to get tougher." John Tiner • CEO Resolution (left 19/7/07)
Michael Foot • Chairman of Promontary Financial Group (left 31/3/04)
Dan Waters • Managing Director of ICI Global – October 2011 (left Dec 2010)
Thomas Huertas • Alternate Chair at European Banking Authority – Jan 2011 to Sep 2011 (left Sep 2011) • Partner Ernst & Young – September 2011
Vernon Everitt • Managing Director Marketing & Communications Transport For London - 2007 (from 1998 to left 2007)
Margaret Cole • Senior Legal Adviser PriceWaterhouseCoopers – Autumn 2012 (reportedly £680k p.a.) Was on £340k Callum McCarthy • Non-executive board member HM Treasury – October 2008 (from 29/3/03) • Non-executive Chairman of Castle Trust (left 19/9/08) • Chairman of European operations J C Flowers – November 2009
Howard Davis • Director of London School of Economics (Left 21/9/03) • Chair of Commission into a third runway at Heathrow – September 2012
Jon Pain • Partner at KPMG (Risk Consulting division) – July 2011 (from July 2008) • Head of Conduct & Regulatory Affairs – RBS – August 2013 (left January 2011)
Collette Bowe • Chair Ofcom Consumer Panel – 2003 (from January 1994) • Chair of Ofcom – March 2009. £200k p.a. up to 3 days per week (left December 1997) • Executive Chairman Robert Fleming European Asset Management • Deputy Chair Thames Water • Board Member Yorkshire Building Society • Board Member Framlington Group • Board Member Morgan Stanley Group International • Chairman Electra Private Equity • Chairman of Alcohol Concern • On Governing Committee of Queen Mary College London • Board Member London & Continental Railways • Board Member AXA Deutschland GmBH • Board Member UK Statistics Authority • Trustee of the Nuffield Foundation • Trustee of the Tablet Trust Richard Farrant Payoff - £370,000 • Director Daiwa Capital markets (left 31/1/99) • Member of Competition Commission
David Severn • AIFA • Freelance pontificator • Governor of the Pensions Policy Institute • Non-executive director – The IFA Centre Philip Thorpe • President of the Futures Industry Institute – June 2001
Stuart Boyd • Awarded OBE
Dame Deirdre Hutton • Non-executive Director of Castle Trust (from 1/4/04) • Chair of the Civil Aviation Authority – April 2009 £130k p.a. for two days per week • Non-executive Director of Thames Water • Director of HM Treasury • Chair of the National Consumer Council • Chair of the Food Standards Agency • Honorary Vice-President of the Trading Standards Institute • Vice-Chair of the European Food Safety Authority Management Board Sir James Crosby • Crosby is a non-executive director of television company ITV, and a trustee of charity Cancer Research UK. • In January 2009, it was reported that James Crosby will become the Chairman of Misys. Tom De Swaan • Non exec director GlaxoSmithKline - £177,000 2010 • Director Zurich Assurance • Member of Supervisory Board of Royal DSM (Holland) • Was Vice Chairman of Royal Ahold – May 2007 • Chairman of Supervisory Board of Van Lanschot NV – May 2008 • Member of Public Interest Committee of KPMG ELLP – October 2010 • Chairs Advisory Board of Rotterdam School of Management
Carolyn Fairbairn • Director of Corporate Development & Strategy at ITV – March 2007 till April 2011 (left 2004) • McKinsey & Co – 2006
Sir Hugh Stevenson (2004- • Trustee, Sir Siegmund Warburg's Voluntary Settlement (Chairman) 2010) • Trustee, The Stevenson Family's Charitable Trust • Trustee, The Welton Foundation (Co-Chairman) • Member of the Investment Committee, University College, Oxford
Karin Forsake • Non exec Director Eniro AB (2005 onward) • Non Exec Chairman Alliance Trust – January 2012
Kyra Hazou • Director of Societe Generale – 2011 (2001-2007)
Moira Black • Independent Director for The Payments Council (left 30/11/04) • Non-executive director for Defence Equipment & Support. • Non-executive member of the Defence Audit Committee • Chairman of the DE&S Audit Committee and the North West London Hospitals NHS Trust. • Member of the General Optical Council • Was appointed CBE for services to consumers and to healthcare
Prof David Miles • Council member of the Royal Economic Society, (retired 31/7/09) • Research fellow of the Centre for Economic Policy Research and at the CESIFO research institute in Munich. • Re-appointed by the Chancellor of the Exchequer for a second term on the MPC in February 2012.
Sally Dewar • Managing Director J P Morgan Chase – June 2011 (left Jan 2011)
Mark Norris • ? (1/7/2010)
David Jackman • Non-exec Director Hornbuckle Mitchell - October 2010 (December 2003) • Managing Director The Ethical Space – January 2009 • Chairman of Sustainable Communities at British Standards - 2008 • Lead on Corporate Governance at Resources Global Professionals - 2006 • Tutor & Adviser at International Compliance Association (Singapore) - 1998 • Chairman at Jersey International Business School – 2010-2010 • Chairman of Sustainability Committee at British Standards – 2003-2010 • Visiting Professor at LondonMet – 2004-2008 David Strachan • Deloittes (left Nov 2010)
Katharine Leaman • Was manager of the FSA professional standards policy team – an RDR architect (2000 - left Aug 2011) • Senior Manager Royal Bank of Scotland
Amanda Bowe • Head of Strategy – Consumer Financial Education Body (now the MAS) • Group Compliance Director Aegon – April 2011 Hector Sants • Head of compliance and government and regulatory relations. January 2013
(left December 2012) In his new role Sants will join the Executive Committee of Barclays and report directly to the group chief executive Antony Jenkins. Suggested salary of £700k with additions amounting to a total of £3.1m p.a. Left due to ‘stress’ December 2013 Assisting Church of England Fiona Fry • Head of RDR for KPMG • Financial Services Consumer Panel Adair Lord Turner • George Soros US Thinktank (unpaid?) • Independent Director at Oaknorth Ltd David Dickinson • KPMG Head of People Strategy – April 2010 (FSA Project Manager) Christina Sinclair • Barclays Global Head of Compliance for Global Wealth and Investment Management – 1995-2013 October 2013 Julia Dunn • Head of Compliance Nationwide – September 2013 Head Banking/Mortgages 2000-2013 Sheila Nicol • Senior Adviser Ernst & Young working with EY clients on public policy and regulatory issues Director of Conduct Policy with a specific focus on the UK and Europe. Prior to joining the FSA, Nicoll was deputy chief left April 2013 executive of the Investment Management Association. Nicoll was also a board member of the European Funds and Asset Management Association and acted as chair of its regulatory policy committee. • Head of Public Policy Schroders June 2014 Lesley Titcomb • CEO Pensions Regulator 2/3/15 Ex Chief Operating Officer Sir Howard Davies • Chairman Phoenix Group 2012 FSA Chairman 1997-2003 • CEO RBS 2015 • Chairman Airports Commission • Non Exec of Morgan Stanley & Prudential Mark Hoban • ex Treasury Secretary 07-12 Clive Adamson • Non-exec Director at Prudential 2007 to 12/14 Zitah McMillan • Director DFC Global Corp Director Communications To 12/14 •
•
•
Members
Since January 2000 there have been 36 different members of the FSA board. Biographical information on the members is below. Robert Smith (December 1997 - December 2000): Before joining the FSA Smith worked at ICFC (now 3i), the Royal Bank of Scotland, Charterhouse Development Capital Ltd, Morgan Grenfell Private Equity, Morgan Grenfell Asset Management, MFI Furniture Group plc, Stakis plc, Tip Europe plc and Network Rail. He subsequently became Vice Chairman of Deutsche Asset Management, Chairman of The Weir Group plc and Scottish and Southern Energy and a non-Executive Director of 3i Group plc, Standard Bank Group Ltd, and Aegon UK plc.[19]
Stephen Thieke (December 1997 - December 2000) (November 2002 - June 2005): Before his first appointment at the FSA, Thieke worked at JP Morgan & Co in New York as Chairman of its Risk Management Committee and Head of Corporate Risk Management. During his first term on the board he was chairman of [[RiskMetrics Group]. He was reappointed to the FSA board in 2002 and was also a member of the Board of Directors of PNC Financial Service Corp.[20][21]
Keith Oates (February 1998 - February 2001): Before joining the FSA Oates was Executive Deputy Chairman of Marks and Spencer plc and Chairman of all the Marks and Spencer Financial Services Companies. He was also a Non Executive Director of British Telecommunications. He subsequently joined Coutts & Co as director of its new Monaco office and became a non-executive director of Diageo plc.[22]
Phillip Thorpe (June 1998 - May 2001): Before joining the FSA Thorpe was Director and Chief Executive of the Investment Management Regulatory Organisation from 1993 to 1998 and Director of the Securities and Futures Authority from 1991 to 1993. He was Chief Executive of the Association of Futures Brokers and Dealers from 1989 to 1991. Between 1981 and 1989, he held various posts with the Hong Kong Securities Commission and was Chief Executive of the Hong Kong Futures Exchange. He subsequently held positions at the Dubai Financial Services Authority in and the Qatar Financial Centre Regulatory Authority.[23]
David Clementi (September 1997 - 31 August 2002): Before joining the FSA, Clementi had worked at Kleinwort Benson (1975–97) and as Managing Director of KB Securities (1987–89). In 1997 he joined the Bank of England. He was subsequently appointed chairman of Prudential and a non-executive director of Rio Tinto plc.[24]
Keith Whitson (December 1998 - May 2003): Before joining the FSA Whitson worked at Hong Kong and Shanghai Banking Corporation Ltd where he was appointed UK CEO in 1987. He later worked at Midland Bank where he was CEO 1994–98. During his time at the FSA he was also Group Chief Executive of HSBC Holdings Plc. In 2005 joined the food packaging multinational Tetra Laval as a non-executive director.[25]
Howard Davies Executive Chairman, (July 1996 - September 2003): Before joining the FSA Davies worked at the Foreign Office and the Treasury. He worked at the management consultants McKinsey & Co. Inc. (1982–87) and was a Director of GKN plc (1990–95). From 1992 to 1995 he was Director General of the Confederation of British Industry, a Director of Business in the Community and a member of the International Advisory Board of NatWest. He subsequently joined Morgan Stanley Inc. in 2004 and Paternoster Ltd in 2006.[26]
Carol Sergeant (June 2001 - November 2003): Before joining the FSA Carol held a number of positions at the Bank of England. She joined Lloyds TSB Group as Chief Risk Director in February 2004.[27]
Christopher Rodrigues (December 1997 - December 2003): Before joining the FSA he had been Chief Executive of Thomas Cook Group Ltd. He also worked at American Express and the management consultancy company McKinsey & Co. During his time as a non-executive director of the FSA he was also Group Chief Executive of FSA-regulated Bradford and Bingley and a non-executive director of Energis PLC. He was subsequently appointed Chief Executive of Visa International and a non-executive director of the Hilton Group and Ladbrokes plc.[28]
Stewart Boyd Deputy Chairman (March 1999 - March 2004): Before joining the FSA Boyd worked as a QC with expertise in banking, financial services, company law and insolvency, competition and restrictive practices.[29]
Michael Foot (June 1998 - May 2004): Before joining the FSA Foot held a number of positions at the Bank of England. He was subsequently appointed Chairman of Promontory Financial Group (U.K.) Ltd, the London-based affiliate, of the international financial consultancy company Promontory Financial Group.[30]
Moira Black(December 1998 - December 2004): Black was previously a partner in Price Waterhouse. Whilst at the FSA she was also a Chairman Consumer Communications for England and a Non-Executive Director of The North West London Hospitals NHS Trust and Octagon HealthCare Ltd, a special purpose vehicle created by 3i plc, Barclays and Innisfree.[31] In 2005 she was appointed a Non-Executive Director of Octagon Healthcare Group Ltd and Octagon Healthcare Funding plc. In 2007 she was appointed a non- executive director of D1 Oils plc, the UK-based global producer of biodiesel.[32]
Gillian Nott (December 1998 - December 2004): Before joining the FSA, Nott was Chief Executive of ProShare (UK) Ltd, and a non-executive director of several companies, including Baronsmead VCT plc, Baronsmead VCT 2 plc and H W Group plc. She had also worked for BP plc, where she managed their venture capital portfolio.[33][34] Whilst a non-executive director at the FSA she was also chairman of the FSA-regulated Baronsmead Venture Capital Trust, a Director of Foreign and Colonial Pacific Investment Trust Ltd and a Director of Martin Currie Portfolio Investment Trust PLC.[35] In 2005 Nott was appointed a Non-Executive Director of Merrill Lynch British Smaller Companies Trust Plc (formerly 3i Smaller Quoted Companies Trust PLC). In 2006 she was appointed Chairman of Witan Pacific Investment Trust PLC. She also joined the board of a number of listed companies including Witan Pacific Trust and F&C Pacific Investment Trust PLC.[36]
Shamit Saggar (December 1998 - December 2004): Before joining the FSA Saggar was Reader in Government at Queen Mary & Westfield College, University of London. Board member of the National Consumer Council. A non-executive member of the Whittington Hospital NHS Trust. A Governor of the Peabody Trust. Member of the Advisory Council, Institute of Citizenship.[37]
Andrew Large (September 2002 - January 2006): Before joining the FSA Large had worked at BP and Orion Bank and served as Deputy Chairman of Barclays Bank, and a Chairman of the financial services company Euroclear. He had also served as a non-executive of Nuclear Electric, Rank Hovis McDougall, Phoenix Securities, Dowty Group, English China Clays, and a Non-executive Chairman of Luthy Baillie Dowsett Pethick. After leaving the FSA board he joined Axis Capital in Bermuda and MW Tops Ltd as Chairman.[38]
Tom de Swaan (January 2001 - January 2007): Before joining the FSA de Swaan was Chief Financial Officer and Member of the Managing Board of ABN AMRO. Whilst he was at the FSA de Swaan remained Chief Financial Officer and Managing Board Member at ABN AMRO Bank NV and was also appointed a Non-Executive Director of GlaxoSmithKline PLC. He was also concurrently a member of the Board of Directors of Zurich Financial Services and Vice Chairman of the Supervisory Board and Chairman of the Audit Committee of Royal Ahold.[39]
Kyra Hazou (January 2001 - January 2007): Before joining the FSA Hazou was Managing Director and Regional General Counsel, Salomon Smith Barney/Citibank.[40]
Clive Wilkinson (January 2001 - January 2007): Before joining the FSA Wilkinson was a local government official and an NHS executive.[41]
John Tiner Chief Executive (June 2001 - July 2007): Before joining the FSA Tiner worked at Arthur Andersen where he was a partner from 1988–2001. He was also a Managing Partner of Global Financial Services from 1997 to 2001.[42] In 2008 he was appointed a director of Star Asset Management Group plc and Lucida plc.[43]
Deirdre Hutton (December 1997 - December 2007) (Deputy Chairman, 2004–2007): Before joining the FSA Hutton held positions in a number of public bodies and was Chair of the National Consumer Council. When she was appointed Chair of the Food Standards Agency in 2005 she disclosed that she held shares in GlaxoSmithKline, Unilever, Eclectica Agricultural and Intercontinental Hotels to a value of approximately £25,000 and that her close family members hold shares in GlaxoSmithKline, ICI, Tesco, Scottish & Newcastle, Unilever, Marks & Spencer and Marston’s to a value of approximately £92,426.[44]
Clive Bramwell Briault (April 2004 - April 2008): Before joining the FSA Briault worked at the Bank of England. He subsequently formed his own consultancy company Risk and Regulation Consulting Ltd.[45]
Callum McCarthy Chairman (September 2003 - September 2008): Before joining the FSA McCarthy was Chief Executive of Ofgem. Prior to that he had worked at ICI from 1965 from and from 1972 to 1985 held various posts at the Department of Trade and Industry. He was Director of Kleinwort Benson, Managing Director of BZW and CEO of Barclays Bank.[46]
James Crosby (January 2004 – February 2009) (Deputy Chairman 2007 – February 2009): During his time at the FSA Crosby was also Group Chief Executive of HBOS plc (2001–2006) and a member of the European Advisory Board of Bridgepoint Capital (2006-present). He had served as Halifax plc since 2001 and was a founder director of J Rothschild Assurance - now St James Place - in 1991 and served as a director from 2000 to 2006. He previously worked at Scottish Amicable.[47] Crosby resigned in February 2009 amid allegations that when head of HBOS, he had dismissed senior manager Paul Moore who had raised concerns about the bank’s risky investment strategy.[48]
Sally Dewar (January 2008 – Present[49]): Before joining the FSA Dewar worked at the London Stock Exchange, prior to which she had worked at KPMG and The BOC Group.[50]
Carolyn Fairbairn (December 2007 – Present[51]): Fairbairn is the Director of Group Development and Strategy at ITV plc. Prior to joining ITV, Carolyn was a senior figure at the BBC for eight years, where she was a member of the Executive Board. She has also worked as a consultant at McKinsey and the Downing Street Policy Unit.[52]
Peter Fisher (January 2007 – Present[53]): Fisher is currently a Managing Director of the U.S. investment management firm BlackRock Inc., where he is a Co-Head of Fixed Income Portfolio Management Group, and a member of Executive Committee. Previously he served as Under Secretary for Domestic Finance, U.S. Department of the Treasury and as Executive Vice President of the Federal Reserve Bank of New York.[54]
Brian Flanagan (January 2007 – Present[55]): Flanagan is a non-executive director of Wm Morrison Supermarkets plc and advisor to Jet Environmental Ltd. He was formerly a Vice President of Mars Inc.[56] Karin Forseke (December 2004 – Present[57]): Karin is a non-executive director of the shipping company Wallenius Lines and the Swedish directory services company Eniro AB; and a member of the Swedish Financial Markets Advisory Council. She was Chief Executive Officer of Carnegie Investment Bank AB from 2003 until March 2006. Prior to joining Carnegie in 1998, she was Chief Operating Officer of the London International Financial Futures Exchange, and had worked at the Financial Markets Group of the Westpac Banking Corporation in London.[58]
Edward John Watson Gieve (January 2006 – Present[59]): Gieve joined the FSA Board when he became Deputy Governor, Financial Stability of the Bank of England in January 2006. Before joining the Bank of England Sir John was the Home Office Permanent Secretary from April 2001. Prior to this, Sir John held various roles at HM Treasury. He was seconded to 3i as an investment controller 1984-1986.[60]
David Kenmir (April 2004 – Present
David Miles (April 2004 – 2008): Miles was appointed a non-executive Director of the FSA in April 2004. He became Managing Director and Chief UK Economist at Morgan Stanley & Co Ltd in October 2004. He previously worked for the Bank of England, in the economics Department at Birkbeck College, London, and as Chief UK Economist for Merrill Lynch.[62]
Jon Pain (September 2008 – Present[63]): Jon joined the FSA after a career with Lloyds TSB. He was chairman of the Council of Mortgage Lenders in 2006 and 2007 and previously a member of the Association of British Insurers General Management Committee.[64]
Hector Sants MD Wholesale and Institutional Markets (May 2004 – July 2007), Chief Executive (July 2007 – Present[65]): Sants joined the FSA from Credit Suisse First Boston where he was Chief Executive Officer of Europe, Middle East and Africa. He was a member of the Financial Services Practitioner Panel and was previously a Board member of, among other bodies, the SFA and the London Stock Exchange.[66] Michael Slack (December 2004 – October 2009[67]): When Slack joined the FSA Board he was Chairman of the Fyfe Group Ltd and is now Chairman of Temporary Cover Ltd. He is also Director of the British Insurance Brokers' Association.[68]
Hugh Stevenson (June 2004 – Present[69]): Stevenson is Chairman of Equitas Ltd, and Chairman of The Merchants Trust Plc. He recently retired as the Senior Independent Director of Standard Life Plc and was formerly a Managing Director of investment banking business at S.G. Warburg and Chairman of Mercury Asset Management Group plc.[70]
Adair Turner Chairman (September 2008 - Present[71]): Turner is Chairman of the Overseas Development Institute and a Visiting Professor at the London School of Economics and at Cass Business School, City University. He has been a cross-bench member of the House of Lords since 2005. Before joining the FSA Turner was a non-executive Director at Standard Chartered Bank; from 2000-2006 he was Vice-Chairman of Merrill Lynch Europe, and from 1995-99, Director General of the Confederation of British Industry. Prior to that, between 1992 and 1995, he built the McKinsey & Co. practice in Eastern Europe and Russia as a Director.[72]