SFA makes the Wright choice

FORMER head of legal Giles Stimson has been replaced after a major shake-up at the Securities and Futures Authority.

The legal section and the policy department merged this month, with former director of policy Ros Wright taking over as general counsel and policy director, as head of the combined unit.

Stimson, formerly head of the legal section and company secretary, is no longer with the SFA, although he will continue to oversee its rule book on a consultancy basis.

Bill Nixon takes over as company secretary and will deal with employment and contract matters relating to the authority.

Wright, who joined the SFA's predecessor The Securities Association in 1987, says the shake-up will bring the authority into line with the Securities and Investments Board which combines its legal and policy teams.

“We think it's logical. Most of the legal issues we handle have policy implications. There is a lot of overlap,” she says.

Wright, a former public prosecutor who headed the DPP's fraud investigation group from 1984-87, will oversee a team which includes three lawyers.

She says most of the legal work is linked to the interpretation of financial services legislation, European directives, the SFA's regulatory powers and staving off judicial review. The lawyers are also involved with public interest immunity issues.

OFTEL has appointed Department of Trade and Industry lawyer David Ingham as its new legal director.

Ingham has recently been involved in the legal work for the privatisation of the coal industry and has helped with the new licensing regime.

He replaces Alan Woods, who has returned to the DTI, and acting director Alastair Pitblado who reverts to his former position as deputy legal director.

Ingham says he is looking forward to being involved in regulating the “dynamic” telecomms industry.