31 Oct 2003, Felix Haddow-Allen, Risk magazine
The move comes a month after the FSA fined the bank a record £1.9 million, and ordered it to pay £98 million in compensation, for mis-selling precipice bonds through its Scottish Widows insurance arm.
Sergeant’s appointment represents “a much enhanced focus on risk” by Lloyds TSB chief Daniels, said a bank spokeswoman. She added that Sergeant would represent a powerful central risk management figurehead at the bank, which has traditionally managed risk at a business-line level.
Earlier this year Sergeant missed out on the chance of becoming chief executive of FSA, the job instead going to John Tiner, another managing director at the regulator. But Sergeant has publicly denied this was her reason for leaving, according to media reports.
Before joining the FSA, Sergeant worked at the Bank of England, where she rose to become head of major UK banks supervision.