New Chairman for the FSA

The Financial Services Authority (FSA) has announced that Adair Turner will be the new chairman of the City’s watchdog, when Sir Callum McCarthy steps down in September.

Lord Turner is a director at many firms, including Standard Chartered, as well as head of the government’s committee on climate change.

Furthermore, he supervised the government’s Pensions Commission between 2003 and 2006, and the Low Pay Commission between 2002 and 2006.

Many believe his main task will be to restore the tarnished image of the FSA. Earlier this year, the FSA was accused by MPs of not doing enough as the credit squeeze took hold, particularly over its handling of crisis-torn Northern Rock.

An internal FSA report said that it had learned some painful lessons from its handling of the beleaguered bank.

Commenting on the appointment, Chancellor Alistair Darling said that his wide-ranging expertise would 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.

Adair Turner is the former Director-General of the CBI and was widely tipped for the job.

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