Financial Services Authority

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The Financial Services Authority (FSA) was an independent non-governmental body, given statutory powers by the Financial Services and Markets Act 2000. It was financed by the financial services industry.[1]

The Treasury appointed the FSA Board, which consists of a Chairman, a Chief Executive Officer, three Managing Directors, and nine non-executive directors (including a lead non-executive member, the Deputy Chairman). The Board set overall policy, but day-to-day decisions and management of the staff are the responsibility of the Executive.[2] The Chairman was formally appointed to the FSA board for five years and other members for three years.

After the financial crash in 2012 and the Financial Services Act 2012 the FSA was abolished and it's responsibilities were split between two new agencies, the Prudential Regulation Authority and the Financial Conduct Authority and the Bank of England.[3]

Structure

The FSA is an independent non-governmental body, given statutory powers by the Financial Services and Markets Act 2000. It is a company limited by guarantee and financed by the financial services industry. HM Treasury appoints the FSA Board, which currently consists of a Chairman, a Chief Executive Officer, three Managing Directors, and 9 non-executive directors (including a lead non-executive member, the Deputy Chairman). This Board sets overall policy, but day-to-day decisions and management of the staff are the responsibility of the Executive.[4]

Role

The FSA describes its role as "promoting efficient, orderly and fair markets" and "helping retail consumers achieve a fair deal".[5] It is given a range of rule-making, investigatory and enforcement powers in order to meet four statutory objectives:

1. market confidence: maintaining confidence in the financial system;

2. public awareness: promoting public understanding of the financial system;

3. consumer protection: securing the appropriate degree of protection for consumers; and

4. the reduction of financial crime: reducing the extent to which it is possible for a business to be used for a purpose connected with financial crime.

Failure to regulate

In early 2007 as the financial crisis began to intensify, the FSA, under Callum McCarthy, was still arguing for “light touch” regulation for hedge funds, seen as a key driver of financial instability.[6] In autumn 2007, McCarthy said the growing calls for increased regulation of the financial services industry were a “mad dog” reaction.[7] By then the European Central Bank had already pumped €95 billion into the market to improve liquidity and the UK had experienced a run on a bank, Northern Rock.

Northern Rock

Early in the crisis the FSA reassured people that Northern Rock was “solvent.”[8] Economics journalist Alex Brummer, author of The Crunch, noted that the FSA’s “actions suggested it hadn't a clue about the weakness of the Rock's securitization model.”[9]

The FSA was widely seen as the regulatory authority that was most to blame for allowing Northern Rock to fail. It was accused by the British MP John McFall, head of the influential Treasury Select Committee, of “not just sleeping, you were comatose'” over Northern Rock.[10][11] The Treasury Committee's report on the scandal determined that the FSA had “systematically failed in its duty.” “The failure of Northern Rock, while a failure of its own board, was also a failure of its regulator,” it said.[12]

McCarthy’s refusal to accept responsibility for the FSA’s role in Northern Rock’s downfall angered parliamentarians. One MP on the Committee, Sion Simon, told McCarthy: “You are the Sugar Ray Leonard of the financial services sector; a world-class ducker and diver, bobber and weaver ...”[13]

When a senior UK politician, Liberal Democrat Treasury spokesperson Vince Cable, raised concerns about Northern Rock, it was reported that McCarthy had tried to “gag” him. Cable said: “Sir Callum said I was scaremongering, that there was no problem with the bank and that it had a good loan book, and any problems were due to international markets beyond its control.”[14]

In fact, the FSA failed to examine the risky nature of the whole banking sector. McCarthy’s replacement at the FSA, Lord Adair Turner, has now admitted that the FSA and other regulators had failed to see that by 2004 the banking system was moving in a direction that created a “large systemic risk”. “With hindsight” said Turner “the FSA was focused too much on individual institutions .... and not adequately focused on the totality of the systemic risks across the whole system, and whether there were entire business models, entire ways of operating, that were risky.”[15]

RBS

In October 2012, MPs from the UK Treasury Select Committee published another damning report on the FSA's failure to act, this time over the British bank RBS's acquisition of Dutch bank ABN Amro in 2007. The £49 billion takeover, which helped push RBS to the brink of collapse, was a 'serious indictment' of the Financial Services Authority said MPs. The Guardian reported the committee's findings:

"The FSA report describes failures and inadequacies in the regulation and supervision of capital, liquidity, asset quality and a failure appropriately to analyse the risks relating to the ABN Amro acquisition," the committee's report says. "This is a serious indictment of both the senior management and leadership and in particular the chairman and chief executive in place at the time and their predecessors, regardless of the prevailing assumptions and political pressures."
"[The FSA] should have intervened at an early stage. It should and could have intervened at a late stage, albeit with more difficulty."
The committee also concluded that it was a "matter of considerable surprise" that nobody, with the exception of former investment banking head Johnny Cameron, has been "held meaningfully accountable" for the failure of the bank. Cameron has agreed not to run a bank again even though the FSA has decided not to pursue any disciplinary action against him.[16]

Actions against bankers 2012

In April 2012 the FSA announced it would fine high-flying investment banker Ian Hannam £450,000 for 'market abuse' related to insider trading. He was found to have misused information he obtained in his position as an adviser to Heritage Oil. Hannam was, according to the Financial Times, the fifth market professional so far in 2012 to be fined for violations of the FSA’s policies on keeping deal information confidential. Three people including former Bank of America Merrill Lynch broker Andrew Osborne were fined in connection with information given to hedge fund manager David Einhorn, and Nicholas Kyprios, head of European credit sales at Credit Suisse, was fined for “playing charades” with a client about the identity of a pending debt issuer.[17]

PR and lobbying firms

People

The Board

Members

Since January 2000 there have been 36 different members of the FSA board. Biographical information on the members is below.

Robert Smith (December 1997 - December 2000): Before joining the FSA Smith worked at ICFC (now 3i), the Royal Bank of Scotland, Charterhouse Development Capital Ltd, Morgan Grenfell Private Equity, Morgan Grenfell Asset Management, MFI Furniture Group plc, Stakis plc, Tip Europe plc and Network Rail. He subsequently became Vice Chairman of Deutsche Asset Management, Chairman of The Weir Group plc and Scottish and Southern Energy and a non-Executive Director of 3i Group plc, Standard Bank Group Ltd, and Aegon UK plc.[20]
Stephen Thieke (December 1997 - December 2000) (November 2002 - June 2005): Before his first appointment at the FSA, Thieke worked at JP Morgan & Co in New York as Chairman of its Risk Management Committee and Head of Corporate Risk Management. During his first term on the board he was chairman of [[RiskMetrics Group]. He was reappointed to the FSA board in 2002 and was also a member of the Board of Directors of PNC Financial Service Corp.[21][22]
Keith Oates (February 1998 - February 2001): Before joining the FSA Oates was Executive Deputy Chairman of Marks and Spencer plc and Chairman of all the Marks and Spencer Financial Services Companies. He was also a Non Executive Director of British Telecommunications. He subsequently joined Coutts & Co as director of its new Monaco office and became a non-executive director of Diageo plc.[23]
Phillip Thorpe (June 1998 - May 2001): Before joining the FSA Thorpe was Director and Chief Executive of the Investment Management Regulatory Organisation from 1993 to 1998 and Director of the Securities and Futures Authority from 1991 to 1993. He was Chief Executive of the Association of Futures Brokers and Dealers from 1989 to 1991. Between 1981 and 1989, he held various posts with the Hong Kong Securities Commission and was Chief Executive of the Hong Kong Futures Exchange. He subsequently held positions at the Dubai Financial Services Authority in and the Qatar Financial Centre Regulatory Authority.[24]
David Clementi (September 1997 - 31 August 2002): Before joining the FSA, Clementi had worked at Kleinwort Benson (1975–97) and as Managing Director of KB Securities (1987–89). In 1997 he joined the Bank of England. He was subsequently appointed chairman of Prudential and a non-executive director of Rio Tinto plc.[25]
Keith Whitson (December 1998 - May 2003): Before joining the FSA Whitson worked at Hong Kong and Shanghai Banking Corporation Ltd where he was appointed UK CEO in 1987. He later worked at Midland Bank where he was CEO 1994–98. During his time at the FSA he was also Group Chief Executive of HSBC Holdings Plc. In 2005 joined the food packaging multinational Tetra Laval as a non-executive director.[26]
Howard Davies Executive Chairman, (July 1996 - September 2003): Before joining the FSA Davies worked at the Foreign Office and the Treasury. He worked at the management consultants McKinsey & Co. Inc. (1982–87) and was a Director of GKN plc (1990–95). From 1992 to 1995 he was Director General of the Confederation of British Industry, a Director of Business in the Community and a member of the International Advisory Board of NatWest. He subsequently joined Morgan Stanley Inc. in 2004 and Paternoster Ltd in 2006.[27]
Carol Sergeant (June 2001 - November 2003): Before joining the FSA Carol held a number of positions at the Bank of England. She joined Lloyds TSB Group as Chief Risk Director in February 2004.[28]
Christopher Rodrigues (December 1997 - December 2003): Before joining the FSA he had been Chief Executive of Thomas Cook Group Ltd. He also worked at American Express and the management consultancy company McKinsey & Co. During his time as a non-executive director of the FSA he was also Group Chief Executive of FSA-regulated Bradford and Bingley and a non-executive director of Energis PLC. He was subsequently appointed Chief Executive of Visa International and a non-executive director of the Hilton Group and Ladbrokes plc.[29]
Stewart Boyd Deputy Chairman (March 1999 - March 2004): Before joining the FSA Boyd worked as a QC with expertise in banking, financial services, company law and insolvency, competition and restrictive practices.[30]
Michael Foot (June 1998 - May 2004): Before joining the FSA Foot held a number of positions at the Bank of England. He was subsequently appointed Chairman of Promontory Financial Group (U.K.) Ltd, the London-based affiliate, of the international financial consultancy company Promontory Financial Group.[31]
Moira Black(December 1998 - December 2004): Black was previously a partner in Price Waterhouse. Whilst at the FSA she was also a Chairman Consumer Communications for England and a Non-Executive Director of The North West London Hospitals NHS Trust and Octagon HealthCare Ltd, a special purpose vehicle created by 3i plc, Barclays and Innisfree.[32] In 2005 she was appointed a Non-Executive Director of Octagon Healthcare Group Ltd and Octagon Healthcare Funding plc. In 2007 she was appointed a non-executive director of D1 Oils plc, the UK-based global producer of biodiesel.[33]
Gillian Nott (December 1998 - December 2004): Before joining the FSA, Nott was Chief Executive of ProShare (UK) Ltd, and a non-executive director of several companies, including Baronsmead VCT plc, Baronsmead VCT 2 plc and H W Group plc. She had also worked for BP plc, where she managed their venture capital portfolio.[34][35] Whilst a non-executive director at the FSA she was also chairman of the FSA-regulated Baronsmead Venture Capital Trust, a Director of Foreign and Colonial Pacific Investment Trust Ltd and a Director of Martin Currie Portfolio Investment Trust PLC.[36] In 2005 Nott was appointed a Non-Executive Director of Merrill Lynch British Smaller Companies Trust Plc (formerly 3i Smaller Quoted Companies Trust PLC). In 2006 she was appointed Chairman of Witan Pacific Investment Trust PLC. She also joined the board of a number of listed companies including Witan Pacific Trust and F&C Pacific Investment Trust PLC.[37]
Shamit Saggar (December 1998 - December 2004): Before joining the FSA Saggar was Reader in Government at Queen Mary & Westfield College, University of London. Board member of the National Consumer Council. A non-executive member of the Whittington Hospital NHS Trust. A Governor of the Peabody Trust. Member of the Advisory Council, Institute of Citizenship.[38]
Andrew Large (September 2002 - January 2006): Before joining the FSA Large had worked at BP and Orion Bank and served as Deputy Chairman of Barclays Bank, and a Chairman of the financial services company Euroclear. He had also served as a non-executive of Nuclear Electric, Rank Hovis McDougall, Phoenix Securities, Dowty Group, English China Clays, and a Non-executive Chairman of Luthy Baillie Dowsett Pethick. After leaving the FSA board he joined Axis Capital in Bermuda and MW Tops Ltd as Chairman.[39]
Tom de Swaan (January 2001 - January 2007): Before joining the FSA de Swaan was Chief Financial Officer and Member of the Managing Board of ABN AMRO. Whilst he was at the FSA de Swaan remained Chief Financial Officer and Managing Board Member at ABN AMRO Bank NV and was also appointed a Non-Executive Director of GlaxoSmithKline PLC. He was also concurrently a member of the Board of Directors of Zurich Financial Services and Vice Chairman of the Supervisory Board and Chairman of the Audit Committee of Royal Ahold.[40]
Kyra Hazou (January 2001 - January 2007): Before joining the FSA Hazou was Managing Director and Regional General Counsel, Salomon Smith Barney/Citibank.[41]
Clive Wilkinson (January 2001 - January 2007): Before joining the FSA Wilkinson was a local government official and an NHS executive.[42]
John Tiner Chief Executive (June 2001 - July 2007): Before joining the FSA Tiner worked at Arthur Andersen where he was a partner from 1988–2001. He was also a Managing Partner of Global Financial Services from 1997 to 2001.[43] In 2008 he was appointed a director of Star Asset Management Group plc and Lucida plc.[44]
Deirdre Hutton (December 1997 - December 2007) (Deputy Chairman, 2004–2007): Before joining the FSA Hutton held positions in a number of public bodies and was Chair of the National Consumer Council. When she was appointed Chair of the Food Standards Agency in 2005 she disclosed that she held shares in GlaxoSmithKline, Unilever, Eclectica Agricultural and Intercontinental Hotels to a value of approximately £25,000 and that her close family members hold shares in GlaxoSmithKline, ICI, Tesco, Scottish & Newcastle, Unilever, Marks & Spencer and Marston’s to a value of approximately £92,426.[45]
Clive Bramwell Briault (April 2004 - April 2008): Before joining the FSA Briault worked at the Bank of England. He subsequently formed his own consultancy company Risk and Regulation Consulting Ltd.[46]
Callum McCarthy Chairman (September 2003 - September 2008): Before joining the FSA McCarthy was Chief Executive of Ofgem. Prior to that he had worked at ICI from 1965 from and from 1972 to 1985 held various posts at the Department of Trade and Industry. He was Director of Kleinwort Benson, Managing Director of BZW and CEO of Barclays Bank.[47]
James Crosby (January 2004 – February 2009) (Deputy Chairman 2007 – February 2009): During his time at the FSA Crosby was also Group Chief Executive of HBOS plc (2001–2006) and a member of the European Advisory Board of Bridgepoint Capital (2006-present). He had served as Halifax plc since 2001 and was a founder director of J Rothschild Assurance - now St James Place - in 1991 and served as a director from 2000 to 2006. He previously worked at Scottish Amicable.[48] Crosby resigned in February 2009 amid allegations that when head of HBOS, he had dismissed senior manager Paul Moore who had raised concerns about the bank’s risky investment strategy.[49]
Sally Dewar (January 2008 – Present[50]): Before joining the FSA Dewar worked at the London Stock Exchange, prior to which she had worked at KPMG and The BOC Group.[51]
Carolyn Fairbairn (December 2007 – Present[52]): Fairbairn is the Director of Group Development and Strategy at ITV plc. Prior to joining ITV, Carolyn was a senior figure at the BBC for eight years, where she was a member of the Executive Board. She has also worked as a consultant at McKinsey and the Downing Street Policy Unit.[53]
Peter Fisher (January 2007 – Present[54]): Fisher is currently a Managing Director of the U.S. investment management firm BlackRock Inc., where he is a Co-Head of Fixed Income Portfolio Management Group, and a member of Executive Committee. Previously he served as Under Secretary for Domestic Finance, U.S. Department of the Treasury and as Executive Vice President of the Federal Reserve Bank of New York.[55]
Brian Flanagan (January 2007 – Present[56]): Flanagan is a non-executive director of Wm Morrison Supermarkets plc and advisor to Jet Environmental Ltd. He was formerly a Vice President of Mars Inc.[57]
Karin Forseke (December 2004 – Present[58]): Karin is a non-executive director of the shipping company Wallenius Lines and the Swedish directory services company Eniro AB; and a member of the Swedish Financial Markets Advisory Council. She was Chief Executive Officer of Carnegie Investment Bank AB from 2003 until March 2006. Prior to joining Carnegie in 1998, she was Chief Operating Officer of the London International Financial Futures Exchange, and had worked at the Financial Markets Group of the Westpac Banking Corporation in London.[59]
Edward John Watson Gieve (January 2006 – Present[60]): Gieve joined the FSA Board when he became Deputy Governor, Financial Stability of the Bank of England in January 2006. Before joining the Bank of England Sir John was the Home Office Permanent Secretary from April 2001. Prior to this, Sir John held various roles at HM Treasury. He was seconded to 3i as an investment controller 1984-1986.[61]
David Kenmir (April 2004 – Present<re>March 2010.</ref>): Kenmir joined the FSA in June 1998 from one of its predecessor organisations, the Securities and Futures Authority.[62]
David Miles (April 2004 – 2008): Miles was appointed a non-executive Director of the FSA in April 2004. He became Managing Director and Chief UK Economist at Morgan Stanley & Co Ltd in October 2004. He previously worked for the Bank of England, in the economics Department at Birkbeck College, London, and as Chief UK Economist for Merrill Lynch.[63]
Jon Pain (September 2008 – Present[64]): Jon joined the FSA after a career with Lloyds TSB. He was chairman of the Council of Mortgage Lenders in 2006 and 2007 and previously a member of the Association of British Insurers General Management Committee.[65]
Hector Sants MD Wholesale and Institutional Markets (May 2004 – July 2007), Chief Executive (July 2007 – Present[66]): Sants joined the FSA from Credit Suisse First Boston where he was Chief Executive Officer of Europe, Middle East and Africa. He was a member of the Financial Services Practitioner Panel and was previously a Board member of, among other bodies, the SFA and the London Stock Exchange.[67]
Michael Slack (December 2004 – October 2009[68]): When Slack joined the FSA Board he was Chairman of the Fyfe Group Ltd and is now Chairman of Temporary Cover Ltd. He is also Director of the British Insurance Brokers' Association.[69]
Hugh Stevenson (June 2004 – Present[70]): Stevenson is Chairman of Equitas Ltd, and Chairman of The Merchants Trust Plc. He recently retired as the Senior Independent Director of Standard Life Plc and was formerly a Managing Director of investment banking business at S.G. Warburg and Chairman of Mercury Asset Management Group plc.[71]
Adair Turner Chairman (September 2008 - Present[72]): Turner is Chairman of the Overseas Development Institute and a Visiting Professor at the London School of Economics and at Cass Business School, City University. He has been a cross-bench member of the House of Lords since 2005. Before joining the FSA Turner was a non-executive Director at Standard Chartered Bank; from 2000-2006 he was Vice-Chairman of Merrill Lynch Europe, and from 1995-99, Director General of the Confederation of British Industry. Prior to that, between 1992 and 1995, he built the McKinsey & Co. practice in Eastern Europe and Russia as a Director.[73]

Contact

Address:
25 The North Colonnade,
Canary Wharf,
London E14 5HS
Website:
www.fsa.gov.uk

External resources

Notes

  1. ↑ FSA, Who are we, accessed 22 March 2010.
  2. ↑ FSA, Who are we, accessed 22 March 2010.
  3. ↑ Financial Conduct Authority History, accessed 30 April 2015.
  4. ↑ FSA, Financial Services Authority, accessed 01 February 2007.
  5. ↑ FSA, What we do, accessed 22 March 2010.
  6. ↑ Wold, Melanie, "Letting hedge funds be hedge funds: FSA tries to show rest of Europe that a light touch is enough," Securities Industry News, 12 February 2007.
  7. ↑ O'Grady, Sean, "FSA chief warns clamour for regulation is 'mad dog' reaction," The Independent, 22 October 2007, p40.
  8. ↑ Brummer, Alex, "Watchdog that failed to bark," Daily Mail, 21 November 2007, p75.
  9. ↑ Brummer, Alex, "Watchdog that failed to bark," Daily Mail, 21 November 2007, p75.
  10. ↑ Northedge, Richard, "The rise of McFall – Profile, John McFall MP runs the Treasury Select Committee and will this week grill Mervyn King, making him a key figure in how this year's financial crisis will unfold," The Sunday Telegraph, 16 December 2008, p6.
  11. ↑ Fleming, Sam, "Treasury man who tramples on toes; the crunch interview," Daily Mail, 07 August 2008, p74.
  12. ↑ Seib, Christine, "MPs demand new regulator as FSA stands condemned," The Times, 26 January 2008, p52.
  13. ↑ UK Parliament, Examination of Witnesses (Questions 340 - 359), 09 October 2007, accessed 21 March 2010.
  14. ↑ Mail on Sunday, "Watchdog boss 'tried to gag MP' over Rock crisis alert," 24 February 2008, Section FB, p02.
  15. ↑ Macalister, Terry, "City watchdog chief admits regulators failed to spot looming financial disaster," The Guardian, 16 February 2009.
  16. ↑ Jill Treanor, Regulator should have stopped RBS from buying ABN Amro, say MPs The Guardian, Friday 19 October 2012
  17. ↑ Brooke Masters, Javier Blas and Ben Fenton in London, Mining banker fined for market abuse, ft.com, 3 April 2012, accessed same day
  18. ↑ APPC Register Entry for 1 Dec 2011 to 29 Feb 2012, and APPC Register Entry for 1 Mar 2012 to 31 May 2012, accessed 22 October 2012
  19. ↑ APPC, APPC Register Entry for 1 December 2008 to 28 February 2009, accessed 21 March 2010.
  20. ↑ "Smith of Kelvin," Who's Who 2009, A & C Black, 2008; online edition, Oxford University Press, "Smith of Kelvin," December 2008, accessed 27 March 2009.
  21. ↑ HM Treasury, "Appointments to the Board of the Financial Services Authority (FSA)," Press Release 11 December 1997, accessed 21 March 2010.
  22. ↑ HM Treasury, "New FSA CEO appointed," Press Release 14 July 2003, accessed 21 March 2010.
  23. ↑ "Oates, (John) Keith," Who's Who 2009, A & C Black, 2008; online edition, Oxford University Press, "Oates, (John) Keith," December 2008, accessed 27 March 2009.
  24. ↑ "Thorpe, Phillip Andrew," Who's Who 2009, A & C Black, 2008; online edition, Oxford University Press, "Thorpe, Phillip Andrew," December 2008, accessed 27 March 2009.
  25. ↑ Bloomberg Businessweek, World First U.K. Ltd., accessed 19 February 2011.
  26. ↑ "Whitson, Sir Keith (Roderick)," Who's Who 2009, A & C Black, 2008; online edition, Oxford University Press, "Whitson, Sir Keith (Roderick)," December 2008, accessed 27 March 2009.
  27. ↑ "Davies, (Sir) Howard (John)," Who's Who 2009, A & C Black, 2008; online edn, Oxford University Press, "Davies, (Sir) Howard (John)," December 2008, accessed 27 March 2009.
  28. ↑ Merrell, Caroline, "FSA regulator quits for Lloyds TSB," The Times, 30 October 2003.
  29. ↑ "Rodrigues, Christopher John," Who's Who 2009, A & C Black, 2008; online edition, Oxford University Press, "Rodrigues, Christopher John," December 2008, accessed 27 March 2009.
  30. ↑ HM Treasury, "Reappointment of Deputy Chairman of the Board of the Financial Services Authority," Press Release 25 February 2002, accessed 21 March 2010.
  31. ↑ Promontory Financial Group, London, accessed 27 March 2009.
  32. ↑ HM Treasury, "Appointments to the Board of the Financial Services Authority (FSA)," Press Release 19 November 1998, accessed 21 March 2010.
  33. ↑ D1 Oils plc, "Moira Black CBE appointed as Non-Executive Director," 26 September 2007, accessed 22 March 2010.
  34. ↑ HM Treasury, "Appointments to the Board of the Financial Services Authority (FSA)," Press Release 19 November 1998, accessed 21 March 2010.
  35. ↑ Baronsmead, Our Directors, accessed 27 March 2009.
  36. ↑ HM Treasury, "Gordon Brown appoints FSA Managing Directors," Press Release 03 April 2001, accessed 22 March 2010.
  37. ↑ Association of Investment Companies, "Gill Nott and David Barron Elected to AITC Board and Three Board Members Re-Elected," 14 December 2004.
  38. ↑ HM Treasury, "Appointments to the Board of the Financial Services Authority (FSA)," Press Release 19 November 1998, accessed 21 March 2010.
  39. ↑ "Large, Sir Andrew (McLeod Brooks)," Who's Who 2009, A & C Black, 2008; online edition, Oxford University Press, "Large, Sir Andrew (McLeod Brooks)," December 2008, accessed 27 March 2009.
  40. ↑ FSA, Tom de Swaan, accessed 27 March 2009.
  41. ↑ HM Treasury, "New Non-Executive Directors to the FSA board," Press Release 18 December 2003, accessed 22 March 2010.
  42. ↑ HM Treasury, "New Non-Executive Directors to the FSA board," Press Release 18 December 2003, accessed 22 March 2010.
  43. ↑ Kay, William, "John Tiner: ‘We're a nation of financial illiterates’," Independent, 25 May 2002.
  44. ↑ Lucida plc, About Us, accessed 27 March 2009.
  45. ↑ FSA, Deirdre Hutton, accessed 27 March 2010.
  46. ↑ RRC, [http://www.rrconsulting.co.uk/about/ About=, accessed 27 March 2010.
  47. ↑ "McCarthy, Sir Callum," Who's Who 2009, A & C Black, 2008; online edition, Oxford University Press, "McCarthy, Sir Callum," December 2008, accessed 27 March 2009.
  48. ↑ "Crosby, Sir James (Robert)," Who's Who 2009, A & C Black, 2008; online edition, Oxford University Press, "Crosby, Sir James (Robert)," December 2008, accessed 27 March 2009.
  49. ↑ BBC, "[http://news.bbc.co.uk/2/hi/business/7883409.stm Sir James Crosby resigns from FSA]," 11 February 2009, accessed 27 March 2010.
  50. ↑ March 2010.
  51. ↑ "Dewar, Sally Marie," Who's Who 2009, A & C Black; online edition, Oxford University Press, "Dewar, Sally Marie," December 2008, accessed 27 March 2009.
  52. ↑ March 2010.
  53. ↑ "Fairbairn, Carolyn Julie," Who's Who 2009, A & C Black, 2008; online edition, Oxford University Press, "Fairbairn, Carolyn Julie," December 2008, accessed 27 March 2009.
  54. ↑ March 2010.
  55. ↑ FSA, Peter Fisher, accessed 27 March 2010.
  56. ↑ March 2010.
  57. ↑ FSA, Brian Flanagan, accessed 27 March 2010.
  58. ↑ March 2010.
  59. ↑ FSA, Karin Forseke, accessed 27 March 2010.
  60. ↑ March 2010.
  61. ↑ "Gieve, Sir (Edward) John (Watson)," Who's Who 2009, A & C Black, 2008; online edition, Oxford University Press, "Gieve, Sir (Edward) John (Watson)," Deecember 2008, accessed 27 March 2009.
  62. ↑ FSA, David Kenmir, last updated 27 May 2005, accessed 27 March 2010.
  63. ↑ FSA, Professor David Miles, accessed 27 March 2010.
  64. ↑ March 2010.
  65. ↑ FSA, Jon Pain, accessed 27 March 2010.
  66. ↑ March 2010.
  67. ↑ FSA, Hector Sants, accessed 27 March 2010.
  68. ↑ Blackmore, Nicole, "Mick McAteer joins FSA board," Money Marketing, 20 October 2009, accessed 27 March 2010.
  69. ↑ FSA, Michael Slack, last updated 07 June 2005, accessed 27 March 2010.
  70. ↑ March 2010.
  71. ↑ FSA, Hugh Stevenson, accessed 27 March 2010.
  72. ↑ March 2010.
  73. ↑ Prime Minister's Office, "Appointment of Independent Advisers to the Forward Strategy Unit," 05 October 2001, accessed 27 March 2010.
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