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FSA seeks new chief exec

Speculation is mounting over who will inherit John Tiner’s crown as chief executive of the Financial Services Authority, after he revealed last week that he would be quitting in July.

Tiner joined the FSA in 2001 as managing director of the consumer, investment and insurance directorate. He had previously spent 25 years at Arthur Andersen where he was head of the global financial services practice. He was appointed chief executive of the FSA in 2003.

Tiner says: “I would like to do another job in the private sector before I think about retiring and this seems to be the right time to pass on the baton, with the FSA firmly set on the road towards adopting a more principles-based regulatory approach.”

Callum McCarthy, chairman of the FSA, says: “The board members are sorry that John has decided to leave but I understand and respect his decision, as will all his colleagues at the FSA, I’m sure.

“I look forward to continuing to work closely with him until his departure in July.”

Bookmaker Ladbrokes says that favourites to take over within the FSA include Clive Briault and Hector Sants, both of whom are managing directors at the regulator.

Sir James Crosby, an FSA board member and former chief executive of both Halifax and HBOS, is presently the firm favourite among candidates from outside the FSA.

Other potential candidates include former Bank of England Monetary Policy Committee member DeAnne Julius and current member Kate Barker.

One source tells Mortgage Strategy that Tiner’s decision has been known about within the FSA for some time, and is primarily down to poor health.

Tipping Crosby as most likely to succeed Tiner, the source says: “I don’t know if this is going to be a one-horse race or a real competition but the selection process has been going on for a while.

“Crosby left his last position to work in the public sector and this post at the FSA would seem to be the ideal role to match his aspirations.”

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We must learn from this warning shot

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