HISTORIC PRESS RELEASE : Treasury appoint three new Executive Directors to the Securities and Investments Board (SIB) [October 1997]

The press release issued on 10 October 1997.

The Chancellor of the Exchequer and the Governor of the Bank of England have today announced that they plan to appoint three new Executive Directors to the Securities and Investments Board (SIB) shortly. This will become the Board of the new financial regulator (NewRO) and the three proposed Executive Directors (all of whom have indicated that they are willing to serve on the Board) will become the three Managing Directors of NewRO.

Richard Farrant, currently Chief Executive of the Securities and Futures Authority (SFA) is to become Managing Director and Chief Operating Officer.

Michael Foot, currently executive Director of the Bank of England responsible for Banking Supervision, is to become Managing Director and Head of Financial Supervision.

Philip Thorpe, currently Chief Executive of the Investment Management Regulatory Organisation (IMRO) is to become Managing Director and Head of Authorisation, Enforcement and Consumer Relations.

These appointments are to be made before Royal Assent to the Bank of England Bill, which will be introduced into Parliament soon after it resumes.