Lomax To Defend City Competitiveness
One of the City's most prominent women is joining the vanguard of British efforts to defend its financial services sector against encroaching regulation from Brussels.
Rachel Lomax, former deputy governor of the Bank of England, is to become chairman of the international regulatory strategy group of TheCityUK, a lobbying group established three years ago to represent Britain's financial services sector.
Ms Lomax, whose appointment is expected to be announced in the next couple of weeks, will also join the main board of TheCityUK, I understand.
Her appointment is regarded internally as a crucial step in putting the City's case to the Government amid moves to establish a single European supervisor for the Continent's banking system.
In total, there are more than 40 regulatory initiatives currently in Brussels' hands which would have an impact on the City.
Ms Lomax will replace Andre Villeneuve, former chairman of Liffe, the futures exchange.
Since quitting the Bank of England in 2008, Ms Lomax has assembled a portfolio of boardroom positions, including non-executive directorships at HSBC and the owner of Heathrow Airport.
A former permanent secretary at Whitehall departments including Transport and Work and Pensions, she also advised Lord Lawson, the former Chancellor, and is regarded as one of the best-connected
Last month, Ms Lomax said she would not be applying to succeed Sir Mervyn King as Governor of the Bank of England.
Chris Cummings, chief executive of TheCityUK, said the IRSG's work was designed to help the City "recapture the leadership in regulation that it held before the financial crisis".