Senior FSA Executive Appointed Director Group Compliance at The Royal Bank Of Scotland Group

28 June 2000

David Swanney, Head of Accounting Standards Policy at the Financial Services Authority (FSA), has been appointed Director, Group Compliance at The Royal Bank of Scotland Group.

David Swanney moved to Central Policy in the FSA from the Bank of England in June 1998, following the transfer of responsibility for banking supervision from the Bank. He sits as the FSA’s observer on the Financial Reporting Council.

David has a wide range of experience in banking issues. In 1979 he joined the Bank of England, initially in its Finance Division as Financial Accountant. He moved into the Banking Supervision Division in 1986, directly supervising a range of UK banks. He later assumed responsibility for accounting and tax issues as they affect the banking industry. From 1989 to 1994 he was also Secretary to the Board of Banking Supervision, and from 1991 to 1994 he was Secretary to the UK Deposit Protection Board. In 1994 he was appointed a Head of Division in Supervision and Surveillance and, latterly, was Head of Division in UK Banks and Enforcement, which included enforcement against illegal deposit taking.

Miller McLean, Director Group Legal and Regulatory Affairs, said: "We are very pleased that David Swanney, with his wide experience of banking supervision and regulation at senior levels, will be leading our Group Compliance function. In the new regulatory environment which will follow the enactment of the Financial Services and Markets Bill, David will play a key role in ensuring that The Royal Bank of Scotland Group continues to participate fully in the development of an effective regulatory framework for the UK."

A qualified chartered accountant, David has been a Council Member of the Institute of Chartered Accountants of Scotland since 1995. Born in 1945, he is married with two daughters.

David will take up his appointment in October, working from both Edinburgh and London.