Solicitors take the reins to check power of FSA

Three leading solicitors have been appointed to act as part-time chairmen of the financial services and markets tribunal (FINSMAT), the new body that will act as a check on the powerful new Financial Services Authority.FINSMAT - based in London - was launched last week, and is headed by Stephen Oliver QC with a board of seven part-time chairmen.These include Nuala Brice - a solicitor who was the first secretary of the Law Society's revenue law committee and is a special commissioner and chairman of the VAT and Duties Tribunal; Colin Bishopp, a part-time chairman of the VAT and Duties Tribunal; and David Mackie QC, head of litigation at magic circle firm Allen & Overy, and a deputy high court judge.All regulatory and disciplinary decisions of the FSA can be referred to FINSMAT.Jeremy Fleming