Disclosures of interest

Payment Protection Insurance (PPI)

Members’ interests:

Peter Freeman, Chairman of the CC, wishes to appoint Richard Farrant, John Cubbin and Christopher Bright, members of the CC, to the group conducting this inquiry. This letter discloses matters in respect of those members.

Richard Farrant was Chief Operating Officer and Managing Director of the Financial Services Authority (1997-9). He helped establish and was Chairman of the Banking Code Standards Board from 1999 to 2006.

John Cubbin has given one day of technical advice to the FSA's research department on estimating the efficiency of consumers' mortgage decisions.

Christopher Bright was a partner of Shearman & Sterling LLP until February 2006 and he continues to do some consulting for Sherman & Sterling. Shearman & Sterling may advise some companies that are credit providers in the sector, although not in relation to consumer credit products or PPI. Christopher Bright has not advised any such clients as a partner at the firm or subsequently.

The members mentioned above and the CC do not believe that these matters will prejudice the ability of the Group to discharge its functions in an independent and impartial manner.

Staff interests:

Claire Short the legal director working on the Payment Protection Insurance market investigation has less than £500 in shares in HBOS and Standard Life. Claire Short is no longer employed at the CC.

Kate Poter, an economic advisor on the PPI inquiry, has less than £5,000 shares in Northern Rock.

Morven Hadden, the legal director on the PPI inquiry, was a lawyer in private practice from March 1996 until July 2007 and has in the past provided legal advice to companies active in the financial services industry, in particular, Barclays and Axa. Ms Hadden has not advised any of these companies on issues relating to PPI.

Marjorie Davies, a member of staff working on the PPI inquiry, has less than £10,000 in shares in HBOS and approximately £1300 in shares in HBOS and HSBC in a Lloyds TSB managed PEP. Ms Davies has no control over how this PEP is managed.

The CC does not believe that the matter disclosed above in relation to the legal director, the economic advisor or the legal advisor affects their ability to act impartially or independently in advising the Group.