John Tiner, chief executive officer of the Financial Services Authority, says he intends to step down in July of this year.
Tiner joined the FSA in 2001 as managing director of the consumer, investment and insurance directorate. He was appointed chief executive in 2003. Previously, he had spent 25 years at Arthur Andersen, where he was head of the global financial services practice.
Tiner says: By the time I leave in July, I will have spent six years at the FSA, almost four of them as chief executive. The job has been immensely enjoyable and it has been a privilege to lead this organisation and its excellent people.
But I would like to do another job in the private sector before I think about retirement and this seems to me to be the right time to pass on the baton, with the FSA set firmly on the road to more principles-based regulation.
Callum McCarthy, chairman of the FSA, says: John has made an enormous contribution to the health of the financial services industry and to the wellbeing of those who use its services. He has also been a leader in developing international regulation through his work in Europe.
The board, and I personally, are very sorry he has decided to leave, but I entirely understand and respect that decision, as Im sure will all his colleagues at the FSA. I look forward to continuing to work closely with him until his departure in July.