FSA appoints chairman of Smaller Business Practitioner Panel

The Financial Services Authority has appointed Mark Rothery as chairman of the Smaller Businesses Practitioner Panel.

He succeeds Ruthven Gemmell who, having served a two year term as chairman – stands down and assumes the role of deputy chairman for one year.

Rothery is chief executive of the Ancient Order of Foresters Friendly Society.

The Panel was established by the FSA in 1999 to represent the views and interests of smaller regulated firms.

The Panel’s membership is made up of individuals with a balance of experience and expertise from smaller firms across all sectors of regulated business.

It is therefore well placed to offer input to the FSA on developing policy and other relevant issues.

Mark Rothery, new chairman of the Panel, says: “I am delighted to accept the role of Panel chairman and excited by the challenges that lie ahead.

My priority for the next twelve months is to build on the good work that Ruthven has done and to ensure that the FSA continues to address the interests of smaller firms, which now constitute over 90% of all regulated firms.

Ruthven’s strong chairmanship has contributed significantly to the FSA prioritising the interests and legitimate concerns of smaller firms higher on the regulatory agenda.

“I am sure that the Panel and the FSA will continue to engage with each other in an open and collaborative way, thereby putting our expertise to best use, and helping to ensure that the FSA adopts a pragmatic, proportionate, risk-based approach to the treatment of smaller firms.

The main aspiration I have is to ensure that the engagement happens consistently at an early stage and that the Panel can assist the FSA’s understanding of the industry’s position sooner in its thought process.

This is especially important as we move towards a more principles based approach to regulation, and all that that entails for smaller firms.”

Callum McCarthy, FSA chairman, says: “Ruthven has done a sterling job as chairman and I would like to thank him for his work in ensuring that the Panel remains an effective, independent and authoritative voice for smaller firms; and a legitimate part of the FSA’s accountability framework.

Rotherys experience makes him an able successor to Ruthven.