New UK banking venture Atom appoints lawmaker McFall to board

By Matt Scuffham

LONDON, Oct 3 (Reuters) - New British banking venture Atomhas appointed John McFall, the former chairman of an influentialparliamentary committee, as its senior independent directorsubject to a planned launch in 2015.

Atom, which is applying for a banking licence and plans tooffer current and savings accounts and loans, will offer itsservices online and have no branches. It has been set up byAnthony Thomson, the co-founder of Metro Bank, Britain's firstnew high street bank for over a century.

McFall, a member of Britain's upper house of parliament, waschairman of the Treasury Select Committee - which examines thework of Britain's finance ministry - between 2001 and 2010.

He subsequently sat on the Parliamentary Commission onBanking Standards, which was tasked with finding ways to reformBritish banks between 2012 and 2013.

"Few people have the chance to guide the building of a bankfrom its very inception, and this is an opportunity to bring tobear my own personal experience in the financial servicesindustry," McFall said on Friday.

Britain's financial regulator and lawmakers are keen to seenew banks emerge to break the dominance of the country's biggestbanks - Lloyds Banking Group, Barclays, HSBC and Royal Bank of Scotland - which controlabout three-quarters of the personal current account market.

"Putting in place a strong board now is a key part of ourjourney towards authorisation and launch," Thomson said.

Atom has also appointed Patricia Jackson, a former seniorpartner for regulation and banking risk at Ernst and Young, tochair its risk committee. (Reporting by Matt Scuffham; Editing by Pravin Char)