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FSA adds two new directors to FSCS board

The Financial Services Authority has appointed two new non-executive directors to the Board of the Financial Services Compensation Scheme.

They are Richard Pratt, who writes and lectures on combating money laundering andon other regulatory issues. He conducts assessments of regulatory standards in different countries and provides advice to jurisdictions on regulatory issues.

He was director general of the Jersey Financial Services Commission from 1999 to 2003 and before that was director of external affairs at the London International Futures and Options Exchange.

His previous career was as a civil servant, principally with the Treasury where posts held included head of the securities and marketing team, head of a European community division and head of the economic department at the British Embassy to the United States in Washington.

The other addition is Kate Williams, who is a licensed insolvency practitioner and a member of the Institute of Chartered Accountants in England and Wales. She previously worked as director in the Deloitte & Touche corporate recovery department and at Lloyds as head of corporate member solvency in its risk management department.

The FSA has also re-appointed two current members of the FSCS Board for a further one-year term from June 1 2004. They are Michael Blair QC, inindependent practice at the bar of England and Wales, formerly general counsel at the FSA and a former chairman of SFA, PIA and IMRO, and LukeMarch, chief executive of the Mortgage Code Compliance Board and director of TSB Bank.

Nigel Hamilton, chairman of the FSCS Board, says: “I am delighted to welcome these new members to the board.

“I am sure they will make an extremely valuable contribution to our work. I am also delighted that Michael Blair and Luke March are staying on for a further period.

“They, and the other board members, bring an extensive range of skills and experience to the scheme. I would also like to express my sincere thanks to John Young who retired as a board member in May 2004. Young has given four years of invaluable service as a founder member of the scheme board since 2000.”

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