Ex-Barclays FD to advise FSA

Ex-group finance director of Barclays Naguib Kheraj has been appointed to advise city watchdog the FSA on how to supervise large financial institutions more effectively.

Kheraj has been appointed to put into practice recommendations of the FSA’s own internal audit into its handling of the Northern Rock affair.

These included a tighter reign on larger companies with increased face-to-face communication and high-level meetings plus better educated staff as well as an increase in human resources.

Hector Sants, chief executive of the FSA, said: ‘We are fortunate to have access to the valuable industry perspective Naguib, as a senior banker of many years experience, will bring to the FSA. His insight and understanding of financial services will be invaluable to the newly created supervisory enhancement programme team as they begin their task of strengthening our supervisory process. A successful regulator has to seek constantly to learn, change and improve, skills which Naguib has amply demonstrated over his long and distinguished career.’

Kheraj was group finance director of Barclays from January 2004 until March 2007 and prior to that held a number of senior roles within the bank. Kheraj joined Barclays from Robert Fleming, where he was co-head of global capital markets. He was previously a managing director at Salomon Brothers.

Further Reading:

Profile of Naguib Kheraj