Foy has been a major behind-the-scenes force in the City for many years, spending almost three decades at management consultant McKinsey, where he counted Archie Norman, the Tory MP and erstwhile retailer, among his proteges. He retired as managing director of the consultant in 1996 when he was parachuted in as chairman of Barings in the aftermath of its collapse at the hands of rogue trader Nick Leeson.