FCA Hires Ex-Lehman Manager to Advise on Investment Banks

The U.K.’s Financial Conduct Authority hired Gunner Burkhart, a former managing director at Lehman Brothers Holdings Inc., to advise the regulator on investment banking and markets policy.

The FCA also appointed former Competition Commission Chief Executive Officer David Saunders to act as an adviser on competition policy. Saunders was at the antitrust regulator from 2009 until it was disbanded this year, while Burkhart worked at Goldman Sachs Group Inc., Deutsche Bank AG and Lehman Brothers before joining Nomura International Plc. as head of relationship management.

The FCA took over market regulation from the now defunct Financial Services Authority a year ago, and has since opened a series of probes into levels of competition in the U.K.’s finance industry, including into the market for credit cards. The regulator also said last month it would review how investment banks manage conflicts of interest between their obligations to clients and their own trading activities.

“David and Gunner come with impressive experience in their respective areas, which will be a valuable resource for the teams as they look at competition and wholesale issues,” Martin Wheatley, chief executive officer of the FCA, said in an e-mailed statement.

To contact the reporter on this story: Ben Moshinsky in London at bmoshinsky@bloomberg.net

To contact the editors responsible for this story: Anthony Aarons at aaarons@bloomberg.net Peter Chapman

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