McCarthy, current chairman and chief executive of energy regulator Ofgem, is likely to receive a total package of around £400,000 and will work just four days per week.
The announcement was made by chancellor Gordon Brown today who said: ‘I am very pleased that Callum McCarthy has agreed to be the next chairman of the FSA Board.’
Brown said McCarthy would bring ‘an unrivalled combination of experience of the public sector, experience as a senior practitioner in the financial services industry, and chairman of a highly successful regulator’ to his role at the FSA.
The chancellor also took the opportunity to thank Sir Howard Davies, who will step down in September to make way for McCarthy.
‘That the FSA is now widely acknowledged as a world leader in its field is very largely thanks to Sir Howard’s drive and vision,’ Brown said.
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