Reuters: Regulatory News: UPDATE 1-Morgan Stanley's Browne to head UK bank lobby

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UPDATE 1-Morgan Stanley's Browne to head UK bank lobby Jun 12th 2012, 10:49 Tue Jun 12, 2012 6:49am EDT LONDON, June 12 (Reuters) - The new head of Britain's banking lobby group, tasked with defending the unpopular industry at a time of far-reaching reform, will be Anthony Browne, a Morgan Stanley banker and former advisor to London mayor Boris Johnson. Browne will take over as chief executive of the British Bankers' Association (BBA) in September, the group said on Tuesday. He takes over from Angela Knight, who said in April she would step down following a five-year spell as chief advocate of Britain's banks. Browne is currently Morgan Stanley's head of government relations for Europe, the Middle East and Africa, having joined the bank about six months ago after being an advisor on economic and business policy to Johnson. He was a journalist for nearly 20 years at the BBC, The Times and The Observer, and is on the board of theCityUK, the promotional body for UK financial services. "He seems a safe choice," said one financial industry consultant. "Experience in the City (of London), politics and the press. All the groups he will have to deal with on a daily basis. Hard to find all those qualifications in one individual." Browne will take on the challenge of defending the UK's unpopular banks, who are blamed by many Britons for the financial crisis. The industry has been under fire over issues including pay, taxpayer bailouts and the mis-selling of insurance products. He also joins the BBA as a posse of regulators around the world investigate whether banks colluded to rig crucial global lending rate BBA Libor (the London Interbank Offered Rate), a benchmark for pricing hundreds of trillions dollars worth of securities which is calculated under the auspices of the BBA. Browne said he wants to help resolve the complex issues still surrounding banking and see the BBA lead on reform. "In a time of change and uncertainty, the BBA has a critically important mission to ensure the banking sector returns to health, remains in Britain, and has the trust of the public and politicians," he said in a statement. Link this Share this Digg this Email Reprints

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