Chairman, Vice Chairman of the Consumer Panel re-appointed

Additionally Panel members Richard Smethurst and Dave Watts have had their terms extended for a further two years from 1 January 2003 until 31 December 2004.

FSA Chairman Howard Davies said:

"I am delighted that Colin and Ann are staying on for a further period. They have provided dedicated and effective leadership for the Panel since their appointment at the start of 2001. It is excellent that Ann will be taking over as Chairman providing continuity of leadership for a long while ahead. The Panel contains a wide and valuable range of ability skills and experience and I have no doubt that Colin and Ann together with Richard Smethurst, Dave Watts and the other Panel members, will ensure that it continues to act as a strong, independent consumer voice to the FSA."

Notes for editors

1. Biographies

   Colin Brown (Chairman) Colin is a consultant specialising in consumer affairs, working with consumer organisations throughout the EU and in Central and Eastern Europe. He was previously Deputy Director of Research at the Consumers' Association and Senior Fellow at the Policy Studies Institute. He joined the Panel in December 1998 and was appointed Chairman in January 2001.

   Ann Foster (Vice-Chairman) Ann is an independent consumer affairs consultant and a formerly Director of the Scottish Consumer Council. She is a member of Postwatch, the Consumer Council for Postal Services, and a member of the Health Professions Council. She was appointed Vice-Chairman of the Panel in January 2001.

   Richard Smethurst Richard is Provost of Worcester College, Oxford University; previously a non-executive Director of IMRO, he chaired their Training Standards Panel. He has served as an economic adviser in Whitehall, and on the Monopolies and Mergers Commission, where he was Deputy Chairman. He was appointed to the Panel in December 1998 and re-appointed in January 2001.

   Dave Watts Dave is a partner in a media business, which is involved in publishing, editing and journalism. He is a former editor of Which? and Money Which? and former Assistant Director of the Consumers Association. He was also a policyholder representative on the Insurance Brokers Registration Council for nine years. He was appointed to the Panel in December 1998 and re-appointed in January 2001.

2. The other members of the Consumer Panel are Jean Gaffin, Yvonne Gallacher, Harriet Hall, Dianne Hayter, John Howard, Vinod Kumar, Nick Pearson, Paul Salvidge and Jane Vass. Brief biographical details for these members can be found on the Panels website: www.fs-cp.org.uk

3. The Financial Services and Markets Act requires the FSA to establish a panel of persons to represent consumers as part of the arrangements it must make for consulting consumers on its general policies and practices. The Financial Services Consumer Panel was established by the FSA in December 1998, ahead of this legislation.

4. The Consumer Panel receives an annual budget and staff support from the FSA but is independent of the FSA in its views.

5. The 15 months appointments for the Chairman and Vice Chairman are to cover the Consumer Panels change of financial year end to 31 March from 31 December with effect from 2002/3.

6. 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.

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