Talk:Andrew Large

Improve article on Andrew Large

Proposed changes to content.

Page one of existing article:

Introduction

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·        Proposal: Delete ’serves on lots of Boards’

·        Rationale. I have retired from all these boards.

·        Sources.  Today’s Board membership on websites of all organisations on which I served will show I am no longer a board member. A few examples are:

https://www.sbai.org/improving-industry-outcomes/board-of-trustees.html

https://www.omfif.org/about/omfif-board-of-directors/

https://www.oliverwyman.com/vector/about-us/leadership.html

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·        Proposal: Replace ’now acts independently’, Insert ’acted’

·        Rationale: Over time since the last edit I have become less active.

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·        Proposal: Replace ‘about’, Insert ’in the field of’

·        Rationale: clarity improvement AMBLarge (talk) 09:01, 5 June 2026 (UTC)

It is probably easier to remove these two lines altogether if they are no longer applicable (proving a negative etc). Nthep (talk) 16:39, 8 July 2026 (UTC)

Further improvements to Article on Andrew Large

Career

·      Proposal 1: after ‘…on the executive team)’ add, ‘ in 1988 he was appointed Chairman of The Securities Association (TSA), a new self-regulatory body set up in advance of the Financial Services Act of 1986 at the time of Big Bang’

Rationale: It was Large’s membership of TSA which led to having a seat on the London Stock Exchange and Takeover Panel, not his employment with Swiss Bank Corporation.

Source: The Scotsman 8th Sept 2002:  https://www.scotsman.com/business/profile-sir-andrew-large-2454820

·      Proposal 2: Delete ‘during the so-called Big Bang of the 1980s’

Rationale: reference to Big Bang included in new proposed wording above.

·      Proposal 3: Delete ’in the hopes of running’ replace with ‘from where he ran’

Rational: A correction after the event.

·      Proposal 4: After ’his own advisory firm’ add ‘the name of which was Large Smith and Walter’

Rationale: Completeness since the firm itself is referred to in Present Article.

Source: Companies House. GOV.uk website : https://find-and-update.company-information.service.gov.uk/company/02515011/officers

·      Proposal 5: Replace ’he’ with ‘Phoenix Securities’

Rationale: A correction:  it was Phoenix, not Large, who was the adviser behind London’s Big Bang mergers.

Sources:  multiple but see The Independent 29th October 2006: https://www.independent.co.uk/news/business/analysis-and-features/the-day-big-bang-blasted-the-old-boys-into-oblivion-422005.html

·      Proposal 6: delete full stop [.] after FSA.

Rationale: A grammatical correction. Makes sense of sentence commencing ’In the wake of‘, which is presently grammatically incorrect

·      Proposal 7: Replace ‘$1.6 billion’ with ‘around £450 million’

Rationale: A correction. The higher figure is fictitious

Sources: multiple: BBC News; The Guardian, Department of Tade and Industry report, and Hansard (UK Parliament); etc.  http://news.bbc.co.uk/1/hi/business/1249127.stm.  https://api.parliament.uk/historic-hansard/lords/1992/jun/04/maxwell-companies-pensions AMBLarge (talk) 15:34, 10 July 2026 (UTC)

Continued further improvements to Article on Andrew Large

Career Continued…

• Proposal 8: Add ahead of “Large, resigned in 1997“ the following: ‘During his time as chairman of SIB.  Large also had to confront the personal pensions mis selling scandal. The total cost to the industry in restitution was one of the largest in UK financial history eventually reaching pounds £13.5-15 billion in compensation and administrative costs.’

Rationale: by all accounts this was an equally significant problem to that of Maxwell which features in the Present Article, and was widely reported on at the time, as was Large’s involvement.

Sources: multiple: UK Parliament; Law Society Gazette; The Independent; The Guardian, Pensions Justice 20th of October 2023; The Cost of Restitution: etc

https://www.independent.co.uk/news/business/large-s-departure-leaves-gap-at-sib-1284826.html

https://www.lawgazette.co.uk/news/redress-for-pensions-mis-selling-why-in-the-wake-of-the-pensions-mis-selling-scandal-litigation-is-necessary-/20658.article

·      Proposal 9: Replace the sentence “Large, resigned… Financial regulation” with the following: ‘After the election in 1997 when Labour came to power the new Chancellor Gordon Brown asked Large to stay on for approximately two months. He asked him to lead the work on restructuring of financial regulation in the UK. Large, was tasked with producing a report on how to merge the UK‘s various self-regulatory organisations and banking supervision [then under the Bank of England) into a single super regulator. This work resulted in the “Large Report” July 1997, which provided the blueprint for the creation of what became the Financial Services Authority.  Large officially stepped down in July 1997.’

Rationale: The creation in 1997 of a single statutory regulator in the place of the self-regulatory organisations existing was widely reported on as a significant milestone in UK regulation, carried out simultaneously with the Labour party giving Monetary Policy independence to the Bank of England.

Sources: multiple but see House of Commons Hansard debates 20th of May 1997: Bank of England Quarterly Bulletin August 1997; Bank of England Financial Stability Review autumn 1997; and House of Commons library research papers 97/115

https://publications.parliament.uk/pa/cm199798/cmhansrd/vo970520/debtext/70520-06.htm

https://www.bankofengland.co.uk/financial-stability-report/1997/autumn-1997

https://researchbriefings.files.parliament.uk/documents/RP97-115/RP97-115.pdf

·      Proposal 10 (Following the proposal above inclusion): add ‘during his time at SIB Large also served as a member of the Bank of England’s Board of Banking Supervision [BOBS] and on the Council of Lloyds while the insurance market was undergoing radical restructuring following massive losses.’

Rationale:  For completeness this is arguably just as significant as Larges earlier membership of the Stock Exchange and Takeover Panel referred to in the Present Article.

Source: The Scotsman, 8th September 2002. Also Bank of England archives as well as Lloyds historical records and annual reports.

https://www.scotsman.com/business/profile-sir-andrew-large-2454820

·      Proposal 11: Add after ‘Brussels-based financial services company’ the following ‘This was during the critical period when the decision was made, and the process began to separate the organisation from J.P. Morgan to create a new user owned entity. This transformation under chairmanship of Sir Andrew Large, and with the assistance of Sir John Craven, shifted Euroclear from being operated by a US investment bank to a market-owned user-governed cooperative model, which allowed it to subsequently merge with various national central securities depositories (CSD‘s) across Europe.

Rationale: this enabled Euroclear to take on the immense responsibilities and significance which it has today, including its role as custodian of Russian assets.

Sources: Wiley Online Library ‘Euroclear transformed’ 29th of June 2000 and 2nd of January 2012. Also, Financial News 1998 and 2000

https://onlinelibrary.wiley.com/doi/epdf/10.1002/9781119206293.ch11

·      Proposal 12: Replace ‘as the Managing Director of the IMF’s…’  With ‘on the Managing Director of the IMF’s’

Rationale: Large never acted as managing director of the consultative group. He was however on that group which the managing director of the IMF put together.

Source:  This is a straightforward correction showing the correct involvement. Please see original source in the Present Article. No doubt there are also records at the IMF.

·      Proposal 13: Add after ’unexpected’ the following ‘He served as the Deputy Governor for Financial Stability and was also a member of the Monetary Policy Committee (MPC) from September 2002 to January 2006 and, based on his voting record, was widely regarded as a hawk.‘

Rationale: As stated in the description of Sir Andrew Large at the top right of the article the comment is made that he ‘was known’ for acting as Bank of England Deputy Governor, it would seem appropriate to include the role he played and the position he was felt to take since this was widely reported on at the time.

Source: Bank of England records and voting records; The Times May 2005, Bank of England MPC minutes 2003 to 2004; BBC News 2003

http://news.bbc.co.uk/1/hi/business/1034085.stm

https://www.bankofengland.co.uk/-/media/boe/files/minutes/2003/minutes-january-2003.pdf

https://www.thetimes.com/business/companies-markets/article/rates-felt-to-be-at-peak-as-mpc-hawk-retracts-talons-qtm55kf336p?t=1777026800731

AMBLarge (talk) 11:30, 14 July 2026 (UTC)