Nick Prettejohn takes over as Chairman of the Financial Services Practitioner Panel (the Panel) on 1 December 2007. He succeeds Roy Leighton, who stands down having completed his two year tenure and now assumes the role of Deputy Chairman for a further year.
Mr Prettejohn is Chief Executive of Prudential, UK and Europe.
The Panel was established under the Financial Services and Markets Act 2000 as a statutory body that represents the broad spectrum of regulated firms and the interests of practitioners within the regulatory framework. It does so principally by ensuring that the FSA takes account of the views and concerns of regulated firms in the development of regulatory policy; and by monitoring and assessing the operation and performance of the FSA more generally.
Mr Prettejohn said:
"I am pleased and excited to be taking on this role at such an important time for the FSA and the industry. Among other things, the implementation of principles-based regulation and the maintenance of confidence in our financial system will be key priorities for me - the Panel will work with the FSA, and regulated firms, to move that challenging agenda forward. The Panel's extensive survey of regulated firms – due to take place during 2008 – will also be an important priority.
"I look forward to building on the excellent work of Roy Leighton in leading the Panel and representing energetically the views of practitioners to our regulator."
Outgoing Chairman, Mr Leighton said:
"It has been a great honour to chair the Panel these previous two years; and to work alongside a group of such experienced, committed and supportive individuals – to whom I give great thanks. It has been a busy and difficult period for regulation and firms - both at home and overseas - culminating in the recent market turmoil and instability. Throughout that time I have always sought to position the Panel in an open and collegiate way; whilst being prepared to assert our influence and authority robustly where necessary – an approach which, I hope, has been respected and valued by all.
“Nick is absolutely the right man to take the Panel forward and ensure that it remains an independent and strong voice for the regulated community – and I look forward to supporting him in those endeavours."
FSA Chairman, Callum McCarthy said,
"The Panel is an integral and important part of the accountability framework which underpins the FSA's legitimacy. I genuinely feel that the working relationship between the Panel and the FSA's senior management team is a positive and improved one; with focused, collaborative and – admittedly - sometimes spirited dialogue taking place.
"The FSA cannot always be universally popular or please all its stakeholders – nor does it seek to do so. Yet Roy has always tried to ensure the Panel's role as a 'constructive critic' of the FSA, on behalf of the industry, was undertaken effectively and in good faith; thanks in large part to his own vigour and personal dedication to that cause.
"The FSA looks forward to building on that solid foundation in our future dealings with Nick and the Panel."
Notes for editors
Nick Prettejohn is an executive director of Prudential plc and Chief Executive, Prudential UK and Europe. He was Chief Executive Officer of Lloyd's of London until 2005. Prior to that he was responsible for corporate strategy at National Freight Corporation plc, before which he was a partner at management consultants Bain and Co and a director of private equity company Apax Partners. In 2004 Nick became an Honorary Fellow of the Chartered Insurance Institute. In his other appointments, Nick is a board member of both the ABI and of the Royal Opera House. Nick's interests include opera and several sports, particularly golf and horse racing.
The Practitioner Panel was established in November 1998, comprising senior figures from a cross-section of the financial services industry, to provide a high-level body available for consultation on policy by the FSA and able to communicate to the FSA views and concerns of the regulated industries. It has a statutory basis under Section 9 of the Financial Services and Markets Act 2000. Further information on the role and work of the Panel – including a full copy of the Annual Report for 2006/7, is available on this website.
The current members of the Panel are: Roy Leighton (Chairman), Chairman, Nymex Europe Limited; Nick Prettejohn (Deputy Chairman), Chief Executive, Prudential UK and Europe; Russell Collins, Head of Deloitte UK National Financial Service Practice; Iain Cornish, Chief Executive, Yorkshire Building Society; Clara Furse, Chief Executive, London Stock Exchange; Douglas Gardner, former Distribution Director Positive Solutions; Colin Keogh, Group Chief Executive, Close Brothers Group; Helena Morrissey, Chief Executive Officer, Newton Investment Management; Gordon Pell, Executive Chairman, The Royal Bank of Scotland; Andrew Ross, Chief Executive, Cazenove Fund Management; Mark Rothery, Chief Executive, Ancient Order of Foresters Friendly Society; Patrick Snowball, Deputy Chairman, Towergate Partnership Limited; Alan Yarrow, Vice Chairman, Dresdner Kleinwort Wasserstein (DrKW).
In accordance with statute, the decision to appoint Mr Prettejohn as Chairman of the Panel was made by the FSA and approved by HM Treasury. Mr Prettejohn will serve as Chairman of the Panel for two years.
The FSA's website address is: www.fsa.gov.uk.