KPMG UK chairman to lead FSA replacement body
John Griffith-Jones takes chairman role at new financial services regulator the Financial Conduct Authority
KPMG’S UK CHAIRMAN John Griffith-Jones has been appointed as the first chairman of Financial Services Authority’s (FSA) replacement body.
The Financial Conduct Authority (FCA) will be one of two new UK regulatory bodies to succeed the FSA as the regulator for the financial services industry when the Financial Services bill commences in early 2013.
Griffith-Jones will initially join the FSA board in September as non-executive director and deputy chairman, working with Martin Wheatley the FCA’s CEO designate.
He featured 14th on the Accountancy Age’s Financial Power list 2012.
The financial secretary to the Treasury Mark Hoban said: “I am pleased with the appointment of John Griffith-Jones as chairman of the FCA. It will be a key role in the successful delivery of the government’s plan for a new regulatory structure in the UK.
“He understands the challenges facing the financial services sector and this, together with his experience in both chairman and CEO roles, will be very valuable as we move towards the creation of the FCA.”
Griffith-Jones joined KPMG in 1975. He has held numerous roles around the company, including audit, corporate finance, professional practice and as a government advisor. Between 2002 and 2006, he was CEO of KPMG’s UK firm. He was elected chairman of the UK firm in 2006, and chairman of KPMG’s EMA (Europe, Middle East, Africa and India) region between 2008 and 2011. He retires from KPMG in August.
John Griffith-Jones said: “Having worked in the financial world all my professional career, I know how important it is that consumers, investors and businesses have trust in the integrity of the UK’s financial services industry and markets.
“I see the future role of the Financial Conduct Authority as key to rebuilding that trust, in particular through its increased focus on consumer protection and choice.”