HM Treasury News Release
120/97                                       10 October 1997
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         APPOINTMENTS TO THE BOARD OF THE NEW REGULATOR


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.

NOTES TO EDITORS

1.   Further information on these appointments can be obtained
from the SIB Press Office on 0171 638 1240.

2.   Appointments to the SIB Board are made jointly by the
Treasury and the Governor of the Bank of England.

3.   All Board Members are appointed in a personal capacity
and do not serve as representatives of particular interests or
associations.