The Government has today announced the appointment of John Griffith-Jones as the non-executive Chair designate of the Financial Conduct Authority (FCA). The FCA will be one of the two new UK regulatory bodies for the financial services industry, replacing the Financial Services Authority (FSA) once the Financial Services Bill is commenced early in 2013.
Currently chairman of KPMG in the UK, John Griffith-Jones will join the FSA Board on 1 September 2012 as a non-executive director and Deputy Chair. He will participate fully in the governance of the FSA and work with Martin Wheatley, the CEO designate of the FCA, to oversee the creation of the new authority. He will also chair the non-executive committee of the Board.
Lord Turner will remain as Executive Chairman of the FSA until its transition into the Prudential Regulation Authority (PRA) and FCA is complete.
The Financial Secretary to the Treasury, Mark Hoban, said:
I am pleased with the appointment of John Griffith-Jones as Chairman of the FCA. It will be a key role in the successful delivery of the Government’s plan for a new regulatory structure in the UK. He understands the challenges facing the financial services sector and this, together with his experience in both chairman and CEO roles, will be very valuable as we move towards the creation of the FCA.
FSA Chairman, Lord Turner, said:
I am delighted to welcome John to the FSA Board and as the future Chair of the FCA. His judgment 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.
John Griffith-Jones, said:
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 Financial Conduct Authority as key to rebuilding that trust, in particular through its increased focus on consumer protection and choice.
Notes for editors
1. The FCA will be responsible for the conduct regulation of all retail and wholesale financial services firms operating in the UK and will be the UK markets regulator and listings authority. It will also carry out prudential regulation of all firms not regulated by the PRA. It will operate as an independent body separate from Government, financed by fees paid by the financial services industry.
2. When the FCA is up and running, its Board will be comprised of a majority of non-executive directors, to be appointed by the Treasury and the Department for Business, Innovation and Skills (BIS). To ensure regulatory coordination, the FCA Chief Executive will sit on the board of the PRA, and the PRA chief executive will sit on the board of the FCA.
3. John Griffith-Jones, a chartered accountant, has been with KPMG since 1975. He has held roles in a number of areas of the company, including audit, corporate finance, professional practice and as a government advisor. Between 2002 and 2006, he was CEO of KPMG’s UK firm, and managed the organisation through the recession of the early 2000s and the regulatory changes following the collapse of Enron. He was elected Chairman of the UK firm in 2006, and Chairman of KPMG’s EMA (Europe, Middle East, Africa and India) region between 2008 and 2011. He retires from KPMG in August 2012.
4. Mr Griffith-Jones chairs the KPMG Foundation in the UK and the Every Child a Chance Trust, which has worked on major projects with both the current and previous governments aiming to overcome literacy and numeracy problems among the least able primary school children.
5. Martin Wheatley, currently a managing director of the FSA, was appointed last year by HM Treasury as the CEO designate of the FCA.