He succeeds Jonathan Bloomer, who stands down and assumes the role of deputy chairman for one year. Mr Leighton is chairman of Nymex Europe Ltd.
The Panel was established under the Financial Services and Markets Act 2000 as a statutory body that represents the broad spectrum of regulated firms and the interests of practitioners within the regulatory framework. It does so principally by ensuring that the FSA takes account of the views and concerns of regulated firms in the development of regulatory policy and in its operation generally.
Mr Leighton said: "I am pleased to take on this important role and build on Jonathan's excellent work as chairman of the Panel. The Panel's agenda will be as busy as ever going forward. The FSA's commendable principles versus rules-based approach will be one of the greater challenges for both regulator and regulated alike, but should ultimately lead to a more flexible and pragmatic regime. Consumer confidence remains an important issue, part of which is being addressed through the Treating Customers Fairly (TCF) initiative. I also plan to keep the Panel focussed on EU and other international issues, and the way in which UK efforts are organised to achieve the best possible results for practitioners in regulatory fora abroad.
“Finally, I would like to thank Jonathan for his significant efforts in helping to ensure that the Panel remains an influential and authoritative voice for the regulated community and maintains a constructive relationship at a senior level with the FSA."
FSA Chairman, Callum McCarthy, said: "The Panel makes an important contribution to the FSA's accountability procedures which underpin the FSA's legitimacy. I would like to thank Jonathan Bloomer for his work to ensure that the Panel remains an effective, independent and authoritative voice for the industry. Roy Leighton, who has been a Panel member for more than four years, will be an excellent successor thanks to his extensive experience in the financial services markets. The FSA looks forward to continuing to work closely with the Panel."
