HISTORIC PRESS RELEASE : Appointment of new Chairman of the Financial Services Authority [February 2003]
The press release issued by HM Treasury on 10 February 2003.
The Chancellor announced to Parliament today that the Treasury is advertising this week for a new Chairman of the Financial Services Authority to succeed Sir Howard Davies. The post will be advertised in national newspapers and through the Treasury website.
The Treasury will be looking for an individual of the highest calibre to lead the FSA in delivering a strong and effective financial services regulatory regime.
As the single regulator for financial services in the UK, the FSA has one of the widest remits of any international financial services regulator. The scope of FSA regulation will increase further when the FSA takes on responsibility for conduct of business regulation for mortgages and general insurance in 2004/5. In light of this, it has been decided that the Chairman should be supported by a separate Chief Executive.
NOTES TO EDITORS
- The Chairman and Board of the FSA are appointed by the Treasury in accordance with the rules of the Office of the Commissioner for Public Appointments.
- Board members are appointed in a personal capacity and do not serve as representatives of particular interests or associations.
- Sir Howard Davies will continue as Chairman of the FSA until his successor is appointed and takes up his post. This will happen before October 2003 when Sir Howard will move to the LSE.
- The FSA became the statutory single financial services regulator at midnight on 30 November 2001, when the Financial Services and Markets Act commenced.
