§ Baroness Goudieasked Her Majesty's Government:
What arrangements are being made to appoint a new chairman of the Financial Services Authority. [HL1580]
§ Lord McIntosh of HaringeyThe Treasury is advertising this week for a new chairman of the FSA to succeed Sir Howard Davies.
The chairman of the FSA is a critical appointment. The Treasury will be looking for an exceptional individual to lead the FSA in delivering its statutory objectives and a strong, fair and effective regulatory system in the UK.
As the single financial services regulator in the UK, the scope and responsibilities of the FSA are considerable. The work of the FSA will increase significantly when it takes on responsibility for mortgages and general insurance conduct of business regulation in 2004–05. In light of this, it has been decided that the chairman should be supported by a separate chief executive.