Closed-book pension provider Phoenix Group has hired former Financial Conduct Authority (FCA) director of long-term savings and pensions Nick Poyntz-Wright as a non-executive director.
Poyntz-Wright (pictured) was appointed as a non-executive director on the Phoenix life company board in May.
A spokeswoman for Phoenix confirmed it had appointed Poyntz-Wright but would not provide further information on his responsibilities at Phoenix.
‘He may join one or more of the committees linked to the board in the future but has not joined any as of yet, ‘ she added.
This is the second non-executive position Poyntz-Wright has accepted since leaving the regulator last summer. Earlier this year he joined the board of Just Retirement’s life company subsidary.
Before joining the FCA, Poyntz-Wright was chief executive at platform Skandia between 2004 and 2010. He was in charge of the company when Old Mutual bought it in 2006.
After this he moved to the regulator in 2011, where he oversaw pensions and the supervision of financial advice.
During his time at the regulator he became embroiled in the closed book scandal, after an invetstigation found that he delivered a press briefing to the Daily Telegraph which suggested the FCA would investigate closed book life and pensions policies dating back to the 1970s.
After the newspaper reported on this, several life companies’ share prices fell drastically. The regulator eventually clarified the extent of the review would be much more limited than the newspaper report suggested.
The following investigation found that Poyntz-Wright had concerns about the briefing, but criticised him for not raising his concerns beforehand.
Source: Citywire