HM Treasury News Release
162/97 11 December 1997
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APPOINTMENTS TO THE BOARD
OF THE FINANCIAL SERVICES AUTHORITY (FSA)
The Chief Secretary today announced that the Treasury and the
Governor of the Bank of England are making four appointments to
the Board of the Financial Services Authority. Ms Deidre Hutton,
Mr Christopher Rodrigues, Mr Robert Smith, Mr Stephen Thieke are
appointed Directors. All four are appointed for a three year
term.
Mr Brian Williamson, CBE, has been reappointed for a further year
from 3 November.
The Chief Secretary said today:
"I am very pleased to make the announcement of these
appointments to the Board of the FSA. The Authority has
a major task ahead of it to implement our reform of
financial services regulation. I am grateful to the Board
for taking on that responsibility."
These appointments are made under the Financial Services Act 1986
but reflect the Government's wish to see a broadly-based Board
to provide effective leadership and guidance as the FSA takes on
wider responsibilities. All members serve in a personal
capacity but bring particular experience to the Board's
deliberations, in particular consumer interests, building
societies, investment banking and international matters.
Further appointments will be made in due course.
Notes for Editors
1 These appointments are made under the existing legislation,
the Financial Services Act 1986 which requires there to be
a balance between the interests of those carrying on
investment business and the interests of the public.
2 The Board of the FSA is currently appointed jointly by the
Treasury and the Governor. Once the Bank of England Bill
is enacted, appointments will be made by the Treasury
alone.
3 All Board members are appointed in a personal capacity and
do not serve as representatives of particular interests or
associations.
4 The FSA, which changed its name on 28 October from the
Securities and Investments Board (SIB), currently exercises
powers under the Financial Services Act 1986. It will
take on responsibility for banking supervision once the
Bank of England Bill, now before Parliament, is enacted and
for building societies, friendly societies and insurance
when the reform bill becomes law.
5 Biographical details
Deirdre Hutton is Chairman of the Scottish Consumer Council and
Vice Chairman of the National Consumer Council. She is also
Chairman of the PIA Ombudsman Council and, at present, a member
of the PIA Consumer Panel.
Christopher Rodrigues is Chief Executive of the Bradford and
Bingley Building Society. He was formerly Chief Executive of
Thomas Cook Group Limited and, prior to working at Thomas Cooke,
spent nine years with American Express including as Managing
director of Travel and Travel Management Services, London.
Robert Smith is Chief Executive, Morgan Grenfell Asset Management
Limited; member of the Group Executive Committee of Deutsche Bank
AG; Chairman of Morgan Grenfell Development Capital Limited; and
a Director of Deutsche Morgan Grenfell Group plc and Morgan
Grenfell (Scotland) Limited. He was formerly Managing Director,
Charterhouse Development Capital Limited (and an Executive
Director of Chapterhouses Bank) and prior to that held senior
positions at the Royal Bank of Scotland and National Commercial
and Glyns Limited; and worked at 3i. He is a Chartered
Accountant, and was President of The Institute of Chartered
Accountants of Scotland in 96-97.
Stephen G Thieke is a Managing Director and Head of JP Morgan's
Corporate Risk Management function. He serves as Chairman of
the Market Risk Committee and the Credit Policy Committee of JP
Morgan; and is Chairman of JP Morgan Securities Inc. He joined
JP Morgan in 1989 after 20 years at the Federal Reserve Bank of
New York, where he was Executive Vice President and Head of the
New York Fed's Credit and Capital Markets Group.