THE FRC’S recently-appointed chairman Sir Win Bischoff is to head-up the board of JP Morgan’s European operations.
Former Lloyds and Citigroup chairman Bischoff, who replaced Baroness Hogg at the UK reporting watchdog in May, will succeed Tom Hoppe as chairman at the investment bank next year.
A spokeswoman from the FRC confirmed the body was aware of the potential JP Morgan role at the time of Bischoff’s appointment, adding the dual roles had been approved by UK financial regulators, the FCA and PRA.
The FRC does not consider Bischoff’s role to be a conflict of interest, the spokeswoman said.
Bischoff joined Lloyds bank as chairman in 2009, overseeing a significant restructure following losses of £865m in 2008. His predecessor Sir Victor Blank was forced to step down after a government bailout left taxpayers owning 43.4% of the business.
Labour MP John Mann criticised Bischoff’s FRC appointment at a Treasury Select Committee hearing in May, labelling Citigroup, which was under Bischoff’s oversight before standing down in 2009, as “one of the biggest disasters in the financial crisis”.
Since joining the FRC, Bischoff has backed calls for banks to publish two sets of accounts for investors and regulators, with both subject to a statutory audit.