NS&I announces new Board appointments
Michael Medlicott and Paul Spencer will join the NS&I Board on September 1 2003. They were appointed following a joint recruitment exercise by NS&I and HM Treasury, and will replace James Turner and Judy Lowe who leave at the end of their second term of appointment.
With 30 million savers and investors, NS&I has the largest customer base of any UK retail financial services organisation and affords security and peace of mind that no other provider can offer, because of the backing by HM Treasury.
Michael Medlicott, 60, has 16 years experience in the public and private sectors at Chief Executive and Non-executive Board level. Until last year, Michael worked in the financial services sector as Transaction Director in the Principal Finance Group at Nomura International, while, at the same time, serving as Chief Executive Officer of the Servus Group, founded by Nomura International, and Chairman of Servus b2b, its e-business subsidiary.
Paul Spencer, 53, joins NS&I with six years experience at Board level with Royal & Sun Alliance (RSA), as well as three years as a member of the Board of the Association of British Insurers (ABI). Since leaving RSA in 2002, Paul has been appointed a number of non-executive and special adviser positions, which complement his new role at NS&I.
Alan Cook said,
"I would like to thank James Turner and Judy Lowe for their valuable contribution. Leaving after two successful terms on the Board they pave the way for Michael and Paul. They, in turn, will add years of experience to the NS&I Board, proving beneficial for the business and, more importantly, for our customers."
National Savings and Investments is a government department and an Executive Agency of the Chancellor of the Exchequer. Its principal objective is to assist in the financing of the government's debt, by borrowing in the retail market at an overall cost that is cheaper than the wholesale market.
Notes to Editors
Through its partnerships with Siemens Business Services (SBS) and Post Office Limited (POL), National Savings and Investments sells a range of savings products to the public, including Premium Bonds, Savings Certificates and Income Bonds. 2. Currently, there is approximately £64 billion invested in National Savings and Investments products, which accounts for 18 per cent of net government debt.