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KPMG UK Chairman to Sit on New Regulatory Agency
June 17, 2012
By Kalen Smith, Big4 Blogger
John Griffith-Jones, KPMG’s UK chairman is going to be joining the board of the Financial Conduct Authority in September. Griffith-Jones is going to retire from his position at KPMG in August.
The Financial Conduct Authority will be one of the agencies set to replace the Financial Services Authority. The changes arise from the financial services reform bill that is expected to be passed through Parliament in the coming months. The new agency will have a number of new responsibilities to protect investors and consumers. Among one of its chief responsibilities will be overseeing thousands of brokers across the United Kingdom.
Griffith-Jones has worked with KPMG for nearly 40 years. His experience will have a profound impact on the way the agency is run in the coming years.
According to Martin Wheatley, the head of the new agency, the FCA is going to be a much more aggressive agency than the Financial Services Authority ever was. Wheatley attributes this to changes in Parliament regulations and the fact that so many people are going to be overseen by experienced professionals such as Griffith-Jones. Treasury officials share his optimism and hope that the changes will lead to more successful regulatory enforcement in the years to come.