Company Overview of Financial Services Authority

Financial Services Authority appointed Jeremy Bennett as the new chief executive of its operations in Europe, the Middle East and Africa. The Nomura bank has appointed Jeremy Bennett following the abrupt departure last month of John Phizackerley, a 14-year veteran of Lehman Brothers and Nomura who left following a series of management reshuffles. Before being appointed a non-executive director at Nomura in 2010, Bennett, who has 20 years' experience in the banking industry, worked as a senior adviser at the Financial Services Authority and was instrumental in the creation of the Asset Protection Scheme with the UK Treasury.

Prudential plc and The Prudential Assurance Company Limited have agreed to settle with the Financial Services Authority over issues relating to the attempt to acquire AIA, the Asian subsidiary of AIG, in early 2010. The companies have agreed to pay fines totaling £30 million, in respect of a decision by the FSA that it and the UKLA should have been informed earlier about Prudential’s contemplation of the potential transaction.

John Tiner, Chief Executive of Financial Services Authority is the front runner in a bid to acquire 316 branches from The Royal Bank of Scotland Group plc (RBS). Tiner is leading a consortium of investors, including Standard Life plc, RIT Capital Partners plc, Centerbridge Partners, L.P. and Corsair Capital LLC to bid for RBS's branches. According to people close to the matter, the consortium is planning to invest more than £500 million in the deal ahead of a float. One person familiar with the plan said, "The intention is to work with RBS to achieve a successful initial public offering." According to people familiar with the matter, Tiner’s initiative will be head-to-head with another consortium of investors, including F&C Asset Management plc, Invesco Perpetual and Schroders plc, led by Andrew Higginson. The plan would also involve a pre-IPO investment. RBS has a formal deadline from the European Union to complete the sale of its branches by the end of 2013.