Michael Foot appointed honorary president of ACI(UK)

FSA/PN/097/2002
11/10/2002

FSA Managing Director Michael Foot has been appointed Honorary President ACI(UK), the UK Branch of ACI The Financial Markets Association, the organisation which represents financial markets dealers world-wide.

Michael Foot said:

"I am honoured to follow Sir Edward George, Governor of the Bank of England, as Honorary President of ACI(UK). My two years experience as head of the Foreign Exchange Department at the Bank in the late 1980s was a great introduction to the professional but friendly world of foreign exchange dealers. The ACI has done a great deal to raise professional standards through its education programmes. I look forward to helping progress this work further."

Robin Poynder, President of ACI(UK), said:

"We are very pleased to have Michael as our new Honorary President. He brings a wealth of banking, markets and regulatory experience which will help to drive our important work forward."

Notes for editors

  1. ACI - The Financial Markets Association was established in 1955 to represent foreign exchange dealers and interests. It now has around 16,000 members worldwide with affiliated financial markets associations in 66 countries and individual members in another 17 countries. ACI has the largest membership of any of the international associations in the wholesale financial markets.

  2. Michael Foot has been a Managing Director at the Financial Services Authority since 1 June 1998 currently as Head of Deposit Takers and Markets Directorate. Previously he worked at the Bank of England joining in 1969 as an economist. His posts at the Bank included Head of Foreign Exchange Division, Head of European Division and Head of Banking Supervision Division. He became Deputy Director, Supervision & Surveillance in July 1994 and an Executive Director of the Bank in March 1996.

  3. 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; securing the appropriate degree of protection of consumers; and fighting financial crime.

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

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