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Lord Hunt to be new Lending Standards Board Chairman
The Lending Standards Board (LSB) today announced that Lord Hunt of Wirral will take over as Chairman of the LSB at the end of March. He succeeds Gerard Lemos who has completed 6 years as Chairman of the LSB and the Banking Code Standards Board, its predecessor organisation.
David Hunt has been a conservative peer since 1997 and is a member of the All Party Parliamentary Group on Insurance and Financial Services. He was elected an MP for Wirral in 1976 and prior to his elevation to the House of Lords held a number of ministerial appointments. David was Senior Partner in Beachcroft Solicitors from 1995 to 2005 and is currently Chairman of their Financial Services Division.
David Hunt said:
“I am a firm believer in the benefits that effective self-regulation can bring for both consumers and the industry. I am looking forward to working with the Board to build upon the strong foundations already established and to ensuring full participation in the debate on the future of consumer credit regulation”.
Robert Skinner, LSB Chief Executive, said: “We are delighted to have attracted someone of David’s stature as the new LSB Chair. His knowledge of financial services and his broader experience gained through his extensive parliamentary and non-executive career will be a tremendous asset to the LSB.”
Angela Knight, BBA Chief Executive, said "Lord Hunt's appointment is excellent news for all of us who value the effective regulation of customer credit. His knowledge and experience of financial regulation qualify him uniquely for this key role. The UK's banks are committed to the Lending Code and the Lending Standards Board, which fill what would otherwise be a concerning gap in the UK's regulatory regime.”
Notes for editors on the new Chairman
David Hunt started as a trainee solicitor with one of the predecessor firms of Beachcroft. and was made a Partner in 1968. He was Senior Partner of Beachcroft Solicitors, from 1995-2005 and is now chairman of the Financial Services Division of Beachcroft LLP, specialising in insurance and financialservices.
He was elected MP for Wirral in March 1976 and spent 21 years as an MP. In 1979, he became a member of Margaret Thatcher’s administration as Parliamentary Private Secretary to John Nott, as a Whip and then as Coal Minister during the coal strike. He was appointed Deputy Chief Whip after the General Election in 1987. After serving as Minister for Local Government and Inner Cities from 1989- 1990, he was appointed to Margaret Thatcher's Cabinet as Secretary of State for Wales. Reappointed in that position by John Major, he became Secretary of State for Employment in 1993 and then Chancellor of the Duchy of Lancaster in 1994-1995: in that capacity, he was Cabinet Minister for
Science, for the Public Service and the Civil Service, and Minister for Women.
In 2008, he undertook an independent review of the Financial Ombudsman Service and has also led the review of the regulation of law firms and a strategic review of Guernsey’s Banking Industry.
He was awarded the MBE in 1973 and appointed to the Privy Council in 1990. He was made a Life Peer as Lord Hunt of Wirral in 1997 and is President or Patron of over fifty charities and voluntary organisations.
Notes for editors about the LSB and the Lending Code
The LSB, which is the successor body to the Banking Code Standards Board,
independently monitors and enforces the Lending Code and takes action where lenders fall short of the Code’s standards. The LSB’s directors include a majority of independent members as well as representatives of the Code sponsors.
Details of the Board members can be found on the LSB website. Lending Standards Board
The Lending Code, which was introduced in November 2009, is co-sponsored by the British Bankers’ Association, the Building Societies Association and The UK Cards Association. The Lending Code is a voluntary code of good practice followed by all major providers of personal loans, credit and charge cards and current account overdrafts. The Code also covers lending to micro-enterprises and small charities.
An independent review of the Lending Code has recently been completed and a new edition, including increased protection for customers will be introduced at the end of March 2011.
The Banking Code, which formerly set out the relationship between financial service providers and their customers, ceased to operate in November 2009 following the
introduction of new Banking Conduct of Business rules by the FSA.
http://www.lendingstandardsboard.org...ntChairman.pdf
Have put in bold what I think is still quite a worrying trend of attitudes that self regulation works when in point of fact it continues to fail thos it is intended to protect.
The Lending Standards Board (LSB) today announced that Lord Hunt of Wirral will take over as Chairman of the LSB at the end of March. He succeeds Gerard Lemos who has completed 6 years as Chairman of the LSB and the Banking Code Standards Board, its predecessor organisation.
David Hunt has been a conservative peer since 1997 and is a member of the All Party Parliamentary Group on Insurance and Financial Services. He was elected an MP for Wirral in 1976 and prior to his elevation to the House of Lords held a number of ministerial appointments. David was Senior Partner in Beachcroft Solicitors from 1995 to 2005 and is currently Chairman of their Financial Services Division.
David Hunt said:
“I am a firm believer in the benefits that effective self-regulation can bring for both consumers and the industry. I am looking forward to working with the Board to build upon the strong foundations already established and to ensuring full participation in the debate on the future of consumer credit regulation”.
Robert Skinner, LSB Chief Executive, said: “We are delighted to have attracted someone of David’s stature as the new LSB Chair. His knowledge of financial services and his broader experience gained through his extensive parliamentary and non-executive career will be a tremendous asset to the LSB.”
Angela Knight, BBA Chief Executive, said "Lord Hunt's appointment is excellent news for all of us who value the effective regulation of customer credit. His knowledge and experience of financial regulation qualify him uniquely for this key role. The UK's banks are committed to the Lending Code and the Lending Standards Board, which fill what would otherwise be a concerning gap in the UK's regulatory regime.”
Notes for editors on the new Chairman
David Hunt started as a trainee solicitor with one of the predecessor firms of Beachcroft. and was made a Partner in 1968. He was Senior Partner of Beachcroft Solicitors, from 1995-2005 and is now chairman of the Financial Services Division of Beachcroft LLP, specialising in insurance and financialservices.
He was elected MP for Wirral in March 1976 and spent 21 years as an MP. In 1979, he became a member of Margaret Thatcher’s administration as Parliamentary Private Secretary to John Nott, as a Whip and then as Coal Minister during the coal strike. He was appointed Deputy Chief Whip after the General Election in 1987. After serving as Minister for Local Government and Inner Cities from 1989- 1990, he was appointed to Margaret Thatcher's Cabinet as Secretary of State for Wales. Reappointed in that position by John Major, he became Secretary of State for Employment in 1993 and then Chancellor of the Duchy of Lancaster in 1994-1995: in that capacity, he was Cabinet Minister for
Science, for the Public Service and the Civil Service, and Minister for Women.
In 2008, he undertook an independent review of the Financial Ombudsman Service and has also led the review of the regulation of law firms and a strategic review of Guernsey’s Banking Industry.
He was awarded the MBE in 1973 and appointed to the Privy Council in 1990. He was made a Life Peer as Lord Hunt of Wirral in 1997 and is President or Patron of over fifty charities and voluntary organisations.
Notes for editors about the LSB and the Lending Code
The LSB, which is the successor body to the Banking Code Standards Board,
independently monitors and enforces the Lending Code and takes action where lenders fall short of the Code’s standards. The LSB’s directors include a majority of independent members as well as representatives of the Code sponsors.
Details of the Board members can be found on the LSB website. Lending Standards Board
The Lending Code, which was introduced in November 2009, is co-sponsored by the British Bankers’ Association, the Building Societies Association and The UK Cards Association. The Lending Code is a voluntary code of good practice followed by all major providers of personal loans, credit and charge cards and current account overdrafts. The Code also covers lending to micro-enterprises and small charities.
An independent review of the Lending Code has recently been completed and a new edition, including increased protection for customers will be introduced at the end of March 2011.
The Banking Code, which formerly set out the relationship between financial service providers and their customers, ceased to operate in November 2009 following the
introduction of new Banking Conduct of Business rules by the FSA.
http://www.lendingstandardsboard.org...ntChairman.pdf
Have put in bold what I think is still quite a worrying trend of attitudes that self regulation works when in point of fact it continues to fail thos it is intended to protect.
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