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British Rubber & Polyurethane Products Association


First Chair of the new Financial Conduct Authority appointed

Posted on 11 June 2012

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:
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:
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:
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
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

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.