NatWest Life man set to join PIA board
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Your support makes all the difference.LAWRENCE CHURCHILL, chief executive of NatWest Life, is expected to be appointed to the board of the Personal Investment Authority in a move that seems to strengthen the banks' influence over the proposed regulator.
In a separate move, the PIA is thought to have asked Jean Eaglesham, head of money policy at the Consumers' Association, to join a 'consumers' panel' advising the regulator on improvements to investor protection. Ms Eaglesham, a trenchant critic of the existing self- regulatory system, confirmed the CA had received an approach.
Both moves seem likely to worry life insurers and financial advisers concerned about their declining influence over the system that controls their sales practices. The tough line taken over the past year on improving standards was partly due to the banks' reluctance to join a PIA tainted by the failures of its predecessors, Fimbra and Lautro.
Other changes to the PIA board are expected to include the appointment of a senior representative of Bradford & Bingley, the largest building society still acting as an independent financial adviser. Chris Sharp, managing director of Northern Rock Building Society, is likely to step down.
Some of those closely involved with the setting up of the PIA are annoyed at the leaking of its draft prospectus even before it has been seen by all PIA directors. The PIA intends to publish the final prospectus in two weeks. It made a formal application to be recognised as a regulator 10 days ago.
The draft says the PIA's 1994-95 budget will be pounds 29.5m. Set-up costs are put at pounds 6m. Godfrey Jillings, chief executive of Fimbra, will be responsible for admitting financial services firms to the new regulator.
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