One of the UK’s Financial Services Authority’s senior directors has been selected as the new chief executive officer of the Bermuda Monetary Authority. Matthew Elderfield takes up the position on 16 July.

Mr Elderfield has been head of department, major retail groups division at the FSA since December 2004. In this position, he has been responsible for the supervision of eight banking groups including Barclays, HSBC, Lloyds TSB and Royal Bank of Scotland. He has also represented the FSA on the Basel Accord Implementation Group and chairs the FSA’s Basel Model Approval Panel.

He has been engaged in supervision, policy and risk management and high-level advocacy in the US and Europe. Mr Elderfield spent eight years overall working at the FSA, during which he has held a series of senior management posts.

As head of markets policy, markets division he was responsible for developing, negotiating and implementing domestic and international policy on listing and primary markets, as well as secondary market issues.

Prior to this he was head of exchanges and clearing houses, markets and exchanges division, he led the department responsible for the supervision of eight UK recognised investment exchanges (including the London Stock Exchange, LIFFE, LME), two recognised clearing houses (CREST, LCH) and approximately a dozen investment firms operating alternative trading systems.

Bermuda is one of the best performing offshore financial centres. It is the world’s largest insurance market and a key centre for funds especially hedge funds. The BMA is the single regulator for the financial services sector.