A professor of finance and a former policy adviser to a consumer association were among four appointments to the board of Britain’s financial regulator.
Andrew Scott, a finance professor at London Business School and Mick McAteer, a former adviser to Which? Ltd. joined the Financial Services Authority board, the U.K. Treasury in London said in a statement today. Also appointed were Brian Pomeroy, chairman of the Financial Inclusion Task Force, and James Strachan, a former director at the Bank of England and a non- executive director of Legal & General Group Plc. (LGEN)
“Their mix of capabilities and backgrounds will make a valuable contribution to the work of the FSA,” said Chancellor of the Exchequer Alistair Darling in the statement.
The FSA, fighting for its political survival, has been criticized for conflicts of interest on its board this year. James Crosby, the FSA’s former deputy chairman, quit in February after allegations that he was on the FSA board while the agency investigated claims he fired a whistleblower when he was HBOS Plc’s (LLOY) chief executive officer. He denied the claims.
David Miles, an external member of the Bank of England’s Monetary Policy Committee, separately stepped down from the FSA board in July after lawmakers suggested that his two roles could present a conflict. Strachan stopped being a director of the central bank in May, according to the Treasury’s statement.
Michael Slack, an FSA board member since 2004, will leave the board, the Treasury statement said. FSA Chairman Adair Turner said the regulator is still looking to fill two board seats.
“For too long, regulation of financial services has been left almost exclusively in the hands of people with an industry background,” said Which? CEO Peter Vicary-Smith. “We urgently need a culture change on the FSA Board so that challenges to the industry line are voiced at the highest level.”
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