Former FSA director gets OBE and pensions minister Webb knighted

Queen reading her speech 2014Former Financial Services Authority director Sheila Nicoll has been granted an OBE for services to financial services and voluntary service in this year’s New Year’s Honours list.

Nicoll, who took leading roles on projects like the RDR and the last funding review of the Financial Services Compensation Scheme is currently head of public policy at Schroders having left the FSA when the FCA was created.

Former pensions minister Steve Webb is also among a number of financial services figures to be knighted.

Liberal Democrat Webb, who served as pensions minister under the coalition government between 2010 and 2015, oversaw the introduction of flagship government savings reforms including automatic enrolment and the state pension triple lock.

Other of Webb’s ideas did not make it past industry criticism however, for example introducing ‘defined ambition’ pensions that would act as a half-way house between defined benefit and defined contribution schemes as well as ‘pot-follows-member’ arrangements.

Webb joined Royal London as director of policy after losing his seat in the 2015 general election.

His knighthood was given ‘for political and public service.’

The Pensions Regulator auto-enrolment director Charles Counsell was also awarded an OBE for his services to workplace pension reform.

Counsell says: “I am delighted to receive this award which recognises the commitment and expertise of my colleagues to ensure that automatic enrolment successfully meets the challenge of creating a new and robust culture of saving in the UK.”

TPR colleague Andrew Young, an actuary, was awarded an OBE for services to pension policy while Lloyd’s of London chief executive Inga Beale was made a Dame for services to the economy.