Chancellor appoints new FSA chairman

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LONDON – Sir Callum McCarthy is stepping down as chairman of the UK’s Financial Services Authority (FSA) in September and will be replaced by Lord Adair Turner. Turner, appointed by the chancellor of the exchequer Alastair Darling, will serve a five year term

Chancellor Darling said: “I am delighted to appoint Adair Turner as chairman of the FSA. His wide-ranging expertise will be invaluable in driving forward the FSA’s objectives to maintain confidence in the financial system, promote public understanding of it, protect consumers and reduce financial crime.”

Turner is the current chairman of the Economic and Social Research Council and a non-executive director for a number of business groups. He is a former chair of the Low Pay Commission and Pensions Commission, former director-general of the Confederation of British Industry (CBI), a former vice-chairman of Merrill Lynch Europe, and a former adviser to Climate Change Capital.

Darling thanked McCarthy for his dedication and leadership during recent market turmoil and for continuing the transformation and development of the UK regulatory system.