Government announces first chair of FCA
The government has appointed KPMG UK chairman John Griffith-Jones as the first chair designate of the Financial Conduct Authority (FCA).
Griffith-Jones (pictured) will join the Financial Services Authority (FSA) board on September 1 as a non-executive director and deputy chair.
He will work with Martin Wheatley, the chief executive designate of the FCA, to oversee the creation of the new regulator which will supervise the conduct of financial services firms under the new regulatory structure.
Lord Adair Turner will continue as FSA executive chairman until the transition to the Prudential Regulation Authority (PRA) and the FCA is complete.
Turner says: “I am delighted to welcome John Griffith-Jones to the FSA board and as the future chair of the FCA. His judgement and independence of mind will be of great value to the FCA as it builds on the developments the FSA has made in respect of conduct regulation.”
Griffith-Jones says: “Having worked in the financial world all my professional career, I know how important it is that consumers, investors and businesses have trust in the integrity of the UK’s financial services industry and markets. I see the future role of the FCA as key to rebuilding that trust, in particular through its increased focus on consumer protection and choice.”
The FSA is due to be replaced by the PRA and FCA in early 2013. Griffith-Jones will retire from KPMG in August this year.
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