Board of Banking Supervision

The Chancellor of the Exchequer and the Chairman of the FSA have re-appointed Peter Gerrard (with effect from 1 October 2000) and Sir Dennis Weatherstone (with effect from 1 January 2001) as independent members of the Board of Banking Supervision. The appointments will last until implementation of the Financial Services and Markets Act 2000.

Notes for editors

1. The Board operates under the Banking Act 1987. On the commencement of the Bank of England Act 1998 on 1 June 1998, the Financial Services Authority (FSA) became the authority responsible for banking supervision and the Boards advice has since been given to the FSA rather than to the Bank of England. The Board will lapse on implementation of the Financial Services and Markets Act.

2. The Board provides advice on the following matters:

   (i) the general principles and policy of supervision of institutions authorised under banking supervisory legislation;

   (ii) the development and evolution of supervisory practice;

   (iii) the administration of banking supervisory legislation, including advice on individual cases;

   (iv) the structure, staffing and training of banking supervisors.

3. The Board and its members are free to take the initiative in raising matters within these areas and have rights of access to the Chancellor.

4. Independent members of the Board of Banking Supervision are appointed by the Chancellor of the Exchequer and the Chairman of the Financial Services Authority. There are six independent members, the other four being: Sir Alan Hardcastle, Mr Harry Taylor, Mr Gottfried Brder and Sir Brian Pearse. The Chairman of the Financial Services Authority, Sir Howard Davies, and Mr Michael Foot, the FSAs Managing Director for Financial Supervision, are members of the Board ex-officio. Since 1 June 1998, the Board has been chaired by Sir Alan Hardcastle.

5. Peter Gerrard was formerly senior partner of solicitors, Lovell White Durrant (now Lovells). He was General Counsel to the London Stock Exchange from 1991 to 1994 and is a past Chairman of The Law Societys Standing Committee on Company Law. He was first appointed to The Board of Banking Supervision on 1 October 1990.
6. Sir Dennis Weatherstone was first appointed to The Board of Banking Supervision on 1 January 1995. From 1990 to 1994, he was Chairman and Chief Executive Officer of J P Morgan & Co. He holds a number of directorships, including General Motors, Merck & Co and Air Liquide.