New Chairman for Practitioner Panel

FSA chairman Howard Davies said:

I would like thank David for his huge contribution as founder chairman of the Panel in enabling it to become a highly authoritative and effective body over the last three years. Donald Brydon, who has been a Panel member for the last three years, is admirably qualified to take over and we look forward to continuing to benefit from the Panels input and our valuable dialogue with it as we move into the crucial period when the FSA takes over as the single statutory regulator.

The Panel plays a key role in the FSAs accountability procedures which provide checks and balances to the wide-ranging powers we have under the Financial Services and Markets Act.

Donald Brydon said:

I look forward to the challenge of taking on the Panels chairmanship and continuing its central involvement in the new system of regulation set up under the Act.

Notes for editors

1. Donald Brydon is Chairman and Chief Executive of AXA Investment Managers. He joined the AXA group in 1997 after a 20 year career with the Barclays group during which he was Chief Executive of BZW Investment Management and acting Chief Executive of BZW. He is Chairman of the Code Committee of the Takeover Panel.

2. David Challen will stay on as a Panel member after he ceases to be Chairman.

3. In addition to Mr Challen and Mr Brydon, the members of the Panel are: Barry Bateman of Fidelity; Jonathan Bloomer of Prudential plc; Matthew Bullock of Norwich and Peterborough Building Society; Clara Furse of the London Stock Exchange; David Hardy of the London Clearing House; Ian Harley of Abbey National; Roy Leighton of Credit Lyonnais; Brendan Nelson of KPMG; Michael Quicke of Leopold Joseph and Sons; Roger Sanders of Roger Sanders Associates; Hector Sants of Credit Suisse First Boston; and Paul Spencer of Royal & Sun Alliance

4. The Financial Services Practitioner Panel is established by the Financial Services Authority under the Financial Services and Markets Act to represent the interests of practitioners and is independent of the FSA. The FSA Board appoints panel members, with the Treasurys approval in the case of the Chairman. Members are drawn from regulated institutions and market users at a very senior level. Membership will rotate to ensure a balance between consistency and new input. The Panel was set up on a non-statutory basis in November 1998 under the chairmanship of David Challen. Until it became a statutory body on 18 June 2001 it was known as the Practitioner Forum.

5. The FSA regulates the financial services industry and has four objectives under the Financial Services and Markets Act 2000; maintaining market confidence; promoting public understanding of the financial system; the protection of consumers; and fighting financial crime.

6. The FSA aims to maintain efficient, orderly and clean financial markets and help retail consumers achieve a fair deal.