HM Treasury News Release
195/98 19 November 1998
-----------------------------------------------------
APPOINTMENTS TO THE BOARD OF THE FINANCIAL SERVICES AUTHORITY (FSA)
The Chief Secretary, Stephen Byers, today announced four
appointments to the Board of the Financial Services Authority
(FSA).
Ms Moira Black CBE, Mrs Gillian Nott, Dr Shamit Saggar and Mr
Keith Whitson have been appointed as non-executive Directors for
three year terms.
The Chief Secretary said:
"The task faced by the Authority in implementing the
reforms of financial services regulation as set out in
the Financial Services & Markets Bill is a demanding
and difficult one. I know that the Board will meet
this challenge with enthusiasm and determination.
These new appointments will add to the breadth of
experience represented on the Board and will
strengthen the position of the FSA."
These appointments are made under the Financial Services Act 1986
as amended by the Bank of England Act 1998. They strengthen the
process begun last year to create a broadly-based dynamic Board
which can 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. Ms Black, Mrs Nott and
Dr Saggar are appointed as non-practitioners in the interests of
the public. Mr Whitson brings banking experience.
NOTES TO 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 appointed by the Treasury.
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 1997 from the
Securities and Investments Board (SIB), currently exercises
powers under the Financial Services Act 1986. It took on
responsibility for banking supervision under the Bank of
England Act 1998. It will take on responsibility for
building societies, friendly societies and insurance when
the Financial Services and Markets Bill becomes law.
5. Biographical details :
Moira Black is Chairman of the Riverside Community Health
Care NHS Trust and the English Advisory Committee on
Telecommunications, a Trustee of the Royal Botanic Gardens,
Kew and a governor of the University of North London. She
was formerly a partner in Price Waterhouse and has served
on the panels of the Insolvency Practitioners and Financial
Services Tribunals.
Gillian Nott is currently Chief Executive of ProShare (UK)
Ltd, a member of the Pensions Education Working Group and
on the Company Law Review Consultative Committee. She is
also a non-executive director of several companies,
including Baronsmead VCT plc, Baronsmead VCT 2 plc and H W
Group plc. Until recently she was Chairman of the Personal
Finance Education Group.
Shamit Saggar is a senior lecturer in government at Queen
Mary & Westfield College, University of London, with a
particular interest in financial services in inner urban
areas. He is a Board member of the National Consumer
Council (including chairman of the NCC Public Services
Committee), a non-executive Board member of the Whittington
Hospital NHS Trust and a Governor of the Peabody Trust.
Keith Whitson is currently Group Chief Executive of HSBC
Holdings plc. He joined The Hongkong and Shanghai Banking
Corporation in 1961 and has worked for the HSBC Group in
the UK (including as Midland's Chief Executive), USA,
Germany, Hong Kong, Malaysia and Indonesia. Mr Whitson is
also the current Chairman of Young Enterprise Ltd and a
Trustee of Crimestoppers Trust.
6. If you have access to the Internet, you can find this news
release and other Treasury material at http://www.hm-
treasury.gov.uk
# = pounds sterling