News Release
Board of Banking Supervision
04 November 1997
The Chancellor of the Exchequer and the Governor of the Bank of England have reappointed Sir Alan Hardcastle as an independent member of the Board of Banking Supervision with effect from 4 November 1997.
Notes for Editors
- The Board operates under the Banking Act 1987. It provides advice to the Governor on the following matters:
(i) the general principles and policy of supervision of institutions authorised under banking supervisory legislation;
(ii) the development and evolution of supervisory practice;
(iii) the administration of banking supervisory legislation, including advice on individual cases;
(iv) the structure, staffing and training of banking supervisors. - The Board and its members are free to take the initiative in raising matters within these areas and have right of access to the Chancellor.
- The independent members of the Board are appointed jointly by the Governor and the Chancellor of the Exchequer. There are six independent members, the others being Sir Dennis Weatherstone, Sir David Scholey, Mr Peter Gerrard, Mr Harry Taylor and
Mr Howard Davies. There are three ex- officio members of the Board, the Governor, Deputy Governor and the Executive Director responsible for banking supervision. - Upon the transfer of responsibility for banking supervision to the Financial Services Authority (FSA) , under the Bank of England Bill (published on 28 October 1997), the number of ex-officio members will reduce to two, namely the Chairman of the FSA, who will chair the Board, and the holder of such other office within the FSA as the Chairman may designate; the number of independent members will remain at six.
- Thereafter, as set out in the launch document published by the FSA on 28 October 1997, it is envisaged that the Board of Banking Supervision will remain in place at least until the Financial Services Reform Bill is introduced, with the same powers as now and the same advisory relationship with the FSA as it has currently with the Bank of England.
- Sir Alan Hardcastle (64) will shortly retire after four years as Chairman of the Lloyd's of London Regulatory Board and nominated member of the Council of Lloyd's. He was previously Head of the Government Accountancy Service and Chief Accountancy Adviser to the Treasury and the Treasury observer on the Accounting Standards Board. Prior to that he was a partner with KPMG, which he joined in 1958. Sir Alan was a Member of the Council of the Institute of Chartered Accountants in England and Wales from 1974 to 1994, and was its President from 1983-85.
- Sir Alan was first appointed to the Board of Banking Supervision on its formation on 4 November 1987 and was reappointed to the Board on 4 November 1992. He was also a member of the previous, non-statutory Board since its formation in May 1986.
