FSA blocks banking star’s move to Nomura
The City watchdog has scuppered a governing Morgan Stanley banker’s move to Nomura, in a new sign of it wielding its appointments veto more vigorously.
John Hyman was to join the Japanese bank in the same manner with co-head of global finance. Nomura confirmed yesterday that he would not have ~ing joining, but declined to explain further. However, it is understood that he has fallen tangled of the Financial Services Authority’s vetting process.
The FSA has be appropriate to increasingly active in directorships and appointments of influential bankers. Last year it rejected 18 candidates, representing added than 10 per cent of the appointments it examined, and it wrote to chieftain executives of financial services groups in October asking them to exist more robust in their recruitment processes.
Johnny Cameron, the former principal executive of RBS’s investment banking division, was barred from a thesis at Greenhill, the boutique advisory company, and last week was effectively banned from laboring in the City.
It is unclear on what grounds the FSA vetoed Mr Hyman’s place. His departure from Morgan Stanley last December, where he was the London-based juncture head of global capital markets, surprised the industry. Morgan Stanley has played below the horizon speculation that it was related to the management shake-up station in motion by James Gorman, its new chief executive.
The FSA interviews applicants in favor of any directorship or any role that places them in charge of clients’ circulating medium or in a position to damage the company. It has tightened its come nearly up after being criticised for allowing key banking jobs to be given to race without banking experience. They included Andy Hornby, the retailer who led HBOS to the brow of collapse, and Matt Ridley, the zoologist and science writer who chaired Northern Rock.
Rules and the regulator
&blunder ; Under the “approved persons regime”, the FSA regulates individuals who bring forth a significant influence on their financial companies or deal directly by client
• Candidates deemed unsuitable or unqualified are warned off continuing their use
• In extreme cases, the FSA can ban an individual from performing any “significant function” in financial services