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FRC chair heads up JPMorgan Securities

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14th Aug 2014
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Sir Win Bischoff, chairman of the Financial Reporting Council (FRC), has been appointed chairman of the EMEA arm of JPMorgan Chase: JPMorgan Securities.

In April Sir Win stepped down from his position as chair of Lloyds Banking Group to become the FRC chairman the following month.

The FRC has dismissed a potential conflict of interest concerning him sitting on the boards of both the accounting regulator and an international banking organisation.

It said his role as chairman was compatible with the JPMorgan role as both were part-time and he would “recuse himself from discussing any matters directly concerning the US bank”, reports the Financial Times.

In addition to the conflict of interest issue, which the FRC denies, The Guardian has also said the Department for Business, Innovation & Skills (BIS) “was aware at the time that he might take up a post at JPMorgan.”

That appointment has now been approved by the two main regulators, the Financial Conduct Authority (FCA) and the Bank of England's Prudential Regulation Authority.

The FT added the appointment underlined how UK regulators were pushing foreign banks to bolster the governance of their London-based operations.

This comes after JPMorgan fell foul of regulators in 2012 when it suffered a US$6bn trading loss on positions built up for the bank by a UK-based trader known as the London Whale.

It led to a US$1bn settlement with US and UK regulators last year.

Other members of JPMorgan Securities’ board include Daniel Pinto, head of its investment bank, and Elena Korablina, its CFO in Europe. Its two non-executive directors are Laban Jackson, a member of the US bank’s main board of directors, and Scott Moeller, a professor of finance at Cass Business School in London.

Sir Win, who guided Lloyds through the economic crisis back to profitability, is also a non-executive director of McGraw Hill Financial in the US.

He will take up his new role of chairman, replacing Tom Hoppe, in January.

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