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FSA/PN/048/2008
30 May 2008

The Financial Services Authority (FSA) has reappointed three non-executive directors to the Board of the Financial Services Compensation Scheme (FSCS) with effect from 1 June 2008.  They were appointed to the FSCS Board on 1 June 2005.

They are:

Terry Connor began his career as a media analyst for James Capel & Co and Smith New Court.  He joined Mirror Group plc in 1993 and became executive director as part of the team appointed to rebuild the company.  He is a non-executive director of Kleinwort Capital Trust plc, the Shephard Group, Which? and Activate UK.

Sandy Kinney retired as a senior financial services partner at PricewaterhouseCoopers (PwC) and was previously at KPMG.  She is a non-executive director of Skipton Building Society, and an advisor on risk and performance management to the boards of a number of insurance companies and investment banks.

Chris Woodburn is a member of the Investigation Committee of the Institute of Chartered Accountants in England and Wales.  He is a former chief executive of the General Insurance Standards Council and former chief executive of the Securities and Futures Authority.

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 and insurance.
2. The FSCS is independent from the FSA, although accountable to it, and, ultimately, to HM 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 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.
4. The FSA aims to promote efficient, orderly and fair markets, help retail consumers achieve a fair deal and improve its business capability and effectiveness.