Tiner to Leave FSA

John Tiner, CEO of the UK’s Financial Services Authority (FSA), has announced that he intends to step down later this year. He will continue as CEO and a member of the FSA board until July 2007.

“By the time I leave in July, I will have spent six years at the FSA, almost four of them as chief executive,” Tiner stated in a bulletin on the FSA web site (http://www.fsa.gov.uk.) “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.”

FSA Chairman Callum McCarthy, who will head a committee to conduct the selection process for a successor, commented: “In the UK, John has made an enormous contribution to the health of the financial services industry and to the wellbeing of those who use its services – both wholesale and retail. He has been a leader in developing international regulation through his work in Europe. Within the FSA, he has been invaluable in developing and leading a management structure with discipline and enthusiasm.

“The board, and I personally, are very sorry he has decided to leave, but I entirely understand and respect that decision, as I’m sure will all his colleagues at the FSA. I look forward to continuing to work closely with him until his departure in July.”

Tiner, 49, joined the FSA in April 2001 as managing director of the consumer, investment and insurance directorate. He was appointed chief executive in 2003.