Roy Leighton has been appointed chairman of the Financial Services Practitioner Panel, taking over from Jonathan Bloomer who assumes the role of deputy chairman.
Leighton is chairman of Nymex Europe Ltd and will serve as chairman of the Panel for two years. Bloomer will serve as deputy chairman for one year.
Leighton says: “I am pleased to take on this important role and build on Jonathan’s excellent work as chairman of the Panel. The Panel’s agenda will be as busy as ever going forward.”
He says the FSA’s principles versus rules-based approach will be one of the greater challenges for both regulator and regulated alike, but believes it should ultimately lead to a more flexible and pragmatic regime.
An important issue for the Panel will continue to be consumer confidence, part of which is being addressed through the Treating Customers Fairly (TCF) initiative, Leighton says.
“I also plan to keep the Panel focussed on EU and other international issues, and the way in which UK efforts are organised to achieve the best possible results for practitioners in regulatory for a abroad,” he adds.
Callum McCarthy, Financial Services Authority (FSA) chairman, says: “The Panel makes an important contribution to the FSA’s accountability procedures which underpin the FSA’s legitimacy.
“Roy Leighton, who has been a Panel member for more than four years, will be an excellent successor thanks to his extensive experience in the financial services markets.”
Leighton was previously UK chairman of Caylon SA, and held positions with Ersnt & Young, Anthony Gibbs & Sons Ltd and Mercantile House Holdings plc.
In his other directorships and appointments, Leighton is immediate past chairman of the World Bank’s International Task Force on Commodities, chairman of the Futures and Options Association, an honorary professor at City University, a non-executive director of Charterhouse Communications plc and EDX London Ltd, and a director of International Financial Services London (IFSL).
The Financial Services Practitioner Panel was established under the Financial Services and Markets Act (FSMA) 2000 as a statutory body that represents regulated firms and the interests of practitioners within the regulatory framework. It does so principally by ensuring the FSA takes account of the views and concerns of regulated firms in the development of regulatory policy and in its operation generally.
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