Firing Line: Sir Derek Wanless

One of his better-known appointments was a non-executive directorship of Northern Rock, where he was chairman of the risk committee. He left the crippled bank in November 2007, amid a clamour of disapproval over his - and others' - oversight of the executive.

Sir Derek - who was knighted in 2005 for public service - certainly is not prepared to talk about it. Neither will he talk about bank regulation, and which large institutions should ultimately be responsible.

Instead, he is making his own contribution by drawing opinion about issues that are moving up the political agenda, in eminent company.

Also on the panel, which was established in April, are Colin Blakemore, the former chief executive of the Medical Research Council, Steven Haberman, an academic actuary, Klim McPherson, a public health academic who has worked on obesity and Sir John Pattison, former director of research and development at the department of health.

L&G has said if they find something particularly interesting, it is more than happy to talk more widely about their conclusions, though much of the information will feed into the company itself.

For now, though, for Sir Derek, is content to ponder one of the most pressing issues for financial services.

Melanie Tringham is features editor of Financial Adviser

CV

1999 to present - various non-executive positions, including president of the Chartered Institute of Bankers (now ifs School of Finance) and non-executive director of Northern Rock

1992 to 1999 Group chief executive of National Westminster Bank

1992 Deputy group chief executive

1990 Chief executive, UK financial services

1989 general manager UK branch business

1986 to 1989 director of personal banking services

1985 to 1986 West Yorkshire area director

1982 to 1985 North east area director

1967 joined Westminster Bank