HM Treasury News Release

172/98                                21 October 1998
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BUILDING SOCIETIES COMMISSION APPOINTMENTS

The Treasury has appointed Carol Sergeant as the new Deputy
Chairperson of the Building Societies Commission (BSC) in
succession to Martin Owen. She is Director, Banks and Building
Societies at the Financial Services Authority (FSA) and has been
a member of the Commission since April this year.

The Treasury has also appointed Shaun Mundy, Head of UK Banks
Department at the FSA, as a Commissioner.

Martin Owen, who has been Deputy Chairman of the Commission since
October 1995, is joining the FSA as head of a special Year 2000
Unit, supporting the overall supervisory effort on this issue.

Economic Secretary, Patricia Hewitt said:

     "Carol Sergeant and Shaun Mundy will have key
     responsibilities at the FSA for the supervision of building
     societies. Their membership of the Commission will assist
     a smooth transfer of its functions to the FSA. The
     appointments reflect the Government's aim to bring about
     cohesion and practical working together by the existing
     regulators ahead of the passage of the Financial Services
     and Markets Bill.

     "Martin Owen has made a major contribution to the work of
     the Commission during a period of intense change affecting
     regulation of the building society sector. He will bring to
     the FSA valuable expertise on the vitally important year
     2000 issue."


NOTES TO EDITORS

1.   Carol Sergeant joined the Bank of England in 1974 and
     worked in various divisions before becoming Head of Major
     UK Banks Supervision in 1993. Responsibility for the
     supervision of banks transferred from the Bank to the FSA
     on 1 June 1998.

2.   Shaun Mundy became Head of the FSA's UK Banks Department in
     June 1998. Prior to that he had been Head of Authorisation
     and Supervision at the Personal Investment Authority. He
     had previously worked at the Home Office, Cabinet Office
     and LAUTRO.

3.   Before joining the Commission Martin Owen worked at OFTEL
     and the Securities and Investments Board (SIB). Prior to
     joining SIB, he worked at the Department of Trade and
     Industry and the Cabinet Office.

4.   If you have access to the Internet, you can find this news
     release and other Treasury information at http://www.hm-
     treasury.gov.uk

# = pounds sterling