John Tiner appointed FSA Chief Executive

Callum McCarthy, who joins the FSA as its Chairman in September, said:

"I am delighted that we have been able to appoint someone of John's calibre from a very strong field of internal and external candidates. He has wide experience dealing both with consumer issues in financial services, for which he has the most senior responsibility within the FSA, and with wholesale markets, both in the UK and globally. He combines this with the necessary leadership and management track record. I am very much looking forward to working with him."

Howard Davies, the FSA's current Chairman and Chief Executive, said:

"John has already made an enormous contribution to the work of the FSA. He is an excellent appointment and has a clear understanding of the needs of consumers and the industry."

John Tiner said:

"I am very pleased to have this opportunity to lead the FSA. It is a huge challenge and, given the dynamic and innovative nature of financial markets, I anticipate few dull moments."

Notes for editors

1. John Tiner (46) was appointed Managing Director, Consumer, Investment and Insurance Directorate at the FSA in April 2001 following a broad-ranging career at Arthur Andersen. At the FSA he has spearheaded reform of regulation of the insurance industry and has handled the implications of recent testing conditions in the equity market. He has had the most senior responsibility within the FSA for consumer interests and for developing the regulatory regime for mortgage and general insurance business. John joined Arthur Andersen in 1976 and became Head of their world-wide Financial Services Industry practice in 1997. He led the Bank of England review of UK banking supervision in 1996 and worked on significant financial services assignments in Japan, the US, Germany, Norway and the Czech Republic.

   John was born in Guildford, Surrey and is married with three children. He was educated at St Peters School, Guildford and at Kingston University. He is a member of the Institute of Chartered Accountants in England and Wales. Johns interests revolve around family life, playing tennis, sailing and supporting Leeds United and Bath Rugby.

2. Howard Davies steps down as Chairman and Chief Executive of the FSA on 22 September. He will later take up his new role as Director of the London School of Economics.

3. In April 2003, it was announced that Callum McCarthy, currently Chairman of the Gas and Electricity Markets Authority, would succeed Howard Davies as Chairman of the FSA. He takes up his new role on 22 September.

4. The FSA regulates the financial services industry and has four objectives under the Financial Services and Markets Act 2000: maintaining market confidence; promoting public understanding of the financial system; securing the appropriate degree of protection of consumers; and fighting financial crime.

5. The FSA aims to maintain efficient, orderly and clean financial markets and help retail consumers achieve a fair deal.