FSA chief to step down

John Tiner, chief executive of the Financial Services Authority (FSA), has announced he will be stepping down this year after six years at the regulator, more than three of them as chief executive.

Tiner will leave in July 2007, and plans to start a new role in the private sector in 2008. The regulator has set up a selection committee, chaired by FSA chairman Callum McCarthy, that hopes to appoint a successor by this summer.

At the FSA, Tiner is best known for leading the Tiner Review that reformed the insurance industry by radically improving the solvency regime for insurance companies. He also reorganised the FSA sector silos into three business units - retail markets, wholesale markets

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