James Sassoon, Baron Sassoon
Encyclopedia
James Meyer Sassoon, Baron Sassoon, Kt
, FCA
(b. 11 September 1955) is the Commercial Secretary to the Treasury
, a ministerial position in HM Treasury
, the UK's finance ministry. Sassoon had a long career in the financial sector and previously served in various roles at the Treasury from 2002 to 2008, at which point he began advising David Cameron
on financial issues. He was appointed to the House of Lords
in connection with his ministerial appointment.
Sassoon has also served as a director of the following organisations: Partnerships UK
, 2002–06; Merchants Trust
, 2006–10 (chairman 2010); the ifs School of Finance, 2009–10 (chairman) and the Nuclear Liabilities Fund
, 2008–2010. He was a trustee of the National Gallery Trust, 2002–09 and of the British Museum
, 2009–10.
. He continued in both roles until 2008. At that time, he began advising David Cameron
, then the Leader of the Opposition
, and George Osborne, then the Shadow Chancellor of the Exchequer, and became a member of the Shadow Cabinet's Economic Recovery Committee. In 2009, he wrote The Tripartite Review, a review of the adequacy of the UK's three financial regulators (the Financial Services Authority
, HM Treasury, and the Bank of England
), especially as regards financial stability.
In May 2010, he was named Commercial Secretary to the Treasury
, a minister whose portfolio includes financial services and business matters. In consequence, it was announced he would be made a life peer
, and he was introduced
in the House of Lords on 3 June 2010 as Baron Sassoon, of Ashley Park in the County of Surrey
.
, Sassoon is the son of Hugh Meyer Sassoon (first cousin of Siegfried Sassoon
) and Marion (née Schiff). He married Sarah Barnes in 1981 and has a son and two daughters.
Knight Bachelor
The rank of Knight Bachelor is a part of the British honours system. It is the most basic rank of a man who has been knighted by the monarch but not as a member of one of the organised Orders of Chivalry...
, FCA
Institute of Chartered Accountants in England & Wales
The Institute of Chartered Accountants in England and Wales was established by a Royal Charter in 1880. It has over 130,000 members. Over 15,000 of these members live and work outside the UK...
(b. 11 September 1955) is the Commercial Secretary to the Treasury
Commercial Secretary to the Treasury
The Commercial Secretary to the Treasury, or City Minister, is a United Kingdom Government minister in HM Treasury who ranks as a Parliamentary Under-Secretary of State. The position has a wide range of duties related to business, and the financial sector in particular...
, a ministerial position in HM Treasury
HM Treasury
HM Treasury, in full Her Majesty's Treasury, informally The Treasury, is the United Kingdom government department responsible for developing and executing the British government's public finance policy and economic policy...
, the UK's finance ministry. Sassoon had a long career in the financial sector and previously served in various roles at the Treasury from 2002 to 2008, at which point he began advising David Cameron
David Cameron
David William Donald Cameron is the current Prime Minister of the United Kingdom, First Lord of the Treasury, Minister for the Civil Service and Leader of the Conservative Party. Cameron represents Witney as its Member of Parliament ....
on financial issues. He was appointed to the House of Lords
House of Lords
The House of Lords is the upper house of the Parliament of the United Kingdom. Like the House of Commons, it meets in the Palace of Westminster....
in connection with his ministerial appointment.
Financial career
Sassoon began a career in finance at Thomson McLintock & Company in 1977, before joining S.G. Warburg & Co. (later UBS Warburg) in 1985. He became a director in 1995, leading the firm's privatisation business, and serving as Vice Chairman, Investment Banking from 2000 to 2002.Sassoon has also served as a director of the following organisations: Partnerships UK
Partnerships UK
Parnerships UK was an organisation responsible for furthering public-private partnerships in the United Kingdom.-Origins:In July 1997 a private finance initiative taskforce was established within the Treasury to provide central co-ordination for the roll-out of PFI...
, 2002–06; Merchants Trust
Merchants Trust
Merchants Trust is a large British investment trust dedicated to investments in higher yielding FTSE 100 companies. Established in 1889, the company is a constituent of the FTSE 250 Index. The Chairman is Simon Fraser.-References:*...
, 2006–10 (chairman 2010); the ifs School of Finance, 2009–10 (chairman) and the Nuclear Liabilities Fund
Nuclear Liabilities Fund
The Nuclear Liabilities Fund is a fund of the UK Government to provide arrangements for funding certain long-term costs for the decommissioning of eight nuclear power stations formerly owned by British Energy...
, 2008–2010. He was a trustee of the National Gallery Trust, 2002–09 and of the British Museum
British Museum
The British Museum is a museum of human history and culture in London. Its collections, which number more than seven million objects, are amongst the largest and most comprehensive in the world and originate from all continents, illustrating and documenting the story of human culture from its...
, 2009–10.
Government and political career
In 2002, he joined HM Treasury, becoming Managing Director of Finance, Regulation and Industry, a position he served in until 2006. Sassoon then became the Chancellor's Representative for Promotion of the City. In 2007, he was named President of the Financial Action Task Force on Money LaunderingFinancial Action Task Force on Money Laundering
The Financial Action Task Force , also known by its French name, Groupe d'action financière , is an intergovernmental organization founded in 1989 on the initiative of the G7. The purpose of the FATF is to develop policies to combat money laundering and terrorist financing...
. He continued in both roles until 2008. At that time, he began advising David Cameron
David Cameron
David William Donald Cameron is the current Prime Minister of the United Kingdom, First Lord of the Treasury, Minister for the Civil Service and Leader of the Conservative Party. Cameron represents Witney as its Member of Parliament ....
, then the Leader of the Opposition
Leader of the Opposition
The Leader of the Opposition is a title traditionally held by the leader of the largest party not in government in a Westminster System of parliamentary government...
, and George Osborne, then the Shadow Chancellor of the Exchequer, and became a member of the Shadow Cabinet's Economic Recovery Committee. In 2009, he wrote The Tripartite Review, a review of the adequacy of the UK's three financial regulators (the Financial Services Authority
Financial Services Authority
The Financial Services Authority is a quasi-judicial body responsible for the regulation of the financial services industry in the United Kingdom. Its board is appointed by the Treasury and the organisation is structured as a company limited by guarantee and owned by the UK government. Its main...
, HM Treasury, and the Bank of England
Bank of England
The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694, it is the second oldest central bank in the world...
), especially as regards financial stability.
In May 2010, he was named Commercial Secretary to the Treasury
Commercial Secretary to the Treasury
The Commercial Secretary to the Treasury, or City Minister, is a United Kingdom Government minister in HM Treasury who ranks as a Parliamentary Under-Secretary of State. The position has a wide range of duties related to business, and the financial sector in particular...
, a minister whose portfolio includes financial services and business matters. In consequence, it was announced he would be made a life peer
Life peer
In the United Kingdom, life peers are appointed members of the Peerage whose titles cannot be inherited. Nowadays life peerages, always of baronial rank, are created under the Life Peerages Act 1958 and entitle the holders to seats in the House of Lords, presuming they meet qualifications such as...
, and he was introduced
Introduction (House of Lords)
Introduction is a ceremony in the House of Lords whereby new members are "introduced" to the existing membership. Introductions in the Lords are more elaborate than those in the House of Commons.-Origins:...
in the House of Lords on 3 June 2010 as Baron Sassoon, of Ashley Park in the County of Surrey
Surrey
Surrey is a county in the South East of England and is one of the Home Counties. The county borders Greater London, Kent, East Sussex, West Sussex, Hampshire and Berkshire. The historic county town is Guildford. Surrey County Council sits at Kingston upon Thames, although this has been part of...
.
Personal life
A member of the Sassoon familySassoon family
The Sassoon family was an Indian family of Iraqi Jewish descent and international renown, based in Bombay, India. It was descended from the famous Ibn Shoshans, one of the richest families of medieval Spain...
, Sassoon is the son of Hugh Meyer Sassoon (first cousin of Siegfried Sassoon
Siegfried Sassoon
Siegfried Loraine Sassoon CBE MC was an English poet, author and soldier. Decorated for bravery on the Western Front, he became one of the leading poets of the First World War. His poetry both described the horrors of the trenches, and satirised the patriotic pretensions of those who, in Sassoon's...
) and Marion (née Schiff). He married Sarah Barnes in 1981 and has a son and two daughters.