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FSA/PN/085/2007
12 July 2007

The Financial Services Authority (FSA) has appointed Max Taylor as a non-executive Director of the Financial Services Compensation Scheme effective from 1 September 2007.

Max Taylor is deputy chairman of Insurance Broker Aon UK, and Executive Director of Aon Global and current Chairman of the British Insurance Brokers Association. Prior to joining Aon in January 2001, Max completed a three-year term as Chairman of Lloyd’s, the Insurance Market. He is Chairman of the Council of the University of Surrey, a Director of The Henderson Smaller Companies Investment Trust plc and a Director of Mitsui Sumitomo Insurance Underwriting at Lloyd's Limited.

FSCS Chairman David Hall, said:

"I am delighted to welcome Max Taylor to the Board of FSCS. I am confident that his skills and experience will be a real asset to FSCS and that he will be a very useful addition to the FSCS Board."

FSA Chairman Callum McCarthy, said:

"The FSA is pleased to announce that Max Taylor is joining the FSCS Board and is confident his experience within the Insurance Industry will benefit the FSCS greatly."

Notes to editors

1. The Financial Services Compensation Scheme (FSCS) is the UK’s statutory fund of last resort for customers of authorised financial services firms. The primary aim of the Scheme is to provide protection for private individuals and small businesses. The FSCS can pay compensation if an authorised firm is unable or likely to be unable to pay claims against it, usually because it has gone out of business or is insolvent. The Scheme covers investments, deposits, insurance and mortgage business.
2. The FSCS is independent from the FSA, although accountable to it, and, ultimately, to the Treasury. The conduct of the Compensation Scheme is the responsibility of its Board of Directors, appointed by the Financial Services Authority (FSA). Under the Financial Services and Markets Act 2000 (FSMA), the FSA appoints the Directors on terms which secure their independence from the FSA in the operation of the Scheme. The Chairman’s appointment is also subject to Treasury approval.
3. The scheme is funded by the financial services industry.
4. 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 for consumers; and fighting financial crime.
5. The FSA aims to promote efficient, orderly and fair markets, help retail consumers achieve a fair deal, and improve its business capability and effectiveness.