That role no longer exists”.
The colourful Mr Longhurst, regarded as one of the leading figures in the UK mortgage industry, was a casualty of Lloyds’ decision to “focus on customer relationships”.One analyst commented: “I was a bit stunned to see the golden-haired boy leaving. Whether he decided to leave or whether it was decided for him I just don’t know.”"It seems strange that there is no longer room on the Lloyds board for the man synonymous with Cheltenham & Gloucester”, added another source.Mr Longhurst has been associated with C&G for more than 30 years. Mr Longhurst, who is 58, was “reorganised out of a job” following a surprise shake-up at Lloyds, according to a source. Andrew Longhurst, once regarded as the heir apparent at Lloyds TSB, the banking giant, has quit as a board director and as chairman of Cheltenham & Gloucester, the former building society.

The FSA is still looking for candidates, despite appointing recruitment consultant Saxton Bampfylde and advertising in the press.In a letter to potential applicants, Mr Davies wrote: “Needless to say, the packages we can offer are derisory by market standards, but the interest quotient of the jobs is very high!”Until now, regulators have been paid comfortable six-figure salaries.. Last year, firms said they feared the new regulator would be out of touch with commercial realities.
Howard Davies, the chairman of the FSA, has now contacted dozens of leading figures in financial services in an attempt to persuade them to fill “important gaps in crucial posts, which we are now looking outside to fill.” These include a director of investment business, a director of finance and business planning, a director of consumer relations and a director of market exchanges.But there is concern the regulator will have difficulty filling the posts with well-qualified people unless it can offer salaries approaching the generous rewards of the City. The FSA has so far filled 13 out of 17 directors’ posts with exactly the same people who used to run the nine old regulators which it is replacing. but the bottom really looks to have fallen out of their market.”.

The Financial Services Authority, the city’s new super-regulator, yesterday confirmed it had sent letters to leading figures in the financial sector in an urgent plea to fill four vacancies – but admitted the pay was “derisory”. Sales have proved disappointing and Mr Lewin admits that many of the group’s managers had performed poorly.One City observer said: “The company and PR firm Biddick’s tactic of sending pictures of scantily clad women around the City certainly ensured the flotation was popular… Mr Lewin refused to predict when La Senza would finally break into the black.La Senza has been rocked by the rise in property values and rents which has blown a huge hole in its expansion plans. Now we will have to get this show on the road and reduce losses.”The group clocked up losses of pounds 1.5m in the year to January 1996 and admitted yesterday it would plunge a lot further into the red in the current financial year On flotation it gave a profits projection of pounds 2.3m.