Former Downing St adviser likely to head FSA
Darling is expected to appoint Turner, former Downing St adviser, to chair FSA
Alistair Darling is expected to appoint Adair Turner, former Downing Street
adviser and chairman of the government’s committee on climate change, to head
the Financial Services
Authority (FSA) within the next week or two in an effort to restore its
reputation as UK’s regulator.
Whitehall has selected Lord Turner, a one-time CBI director general, to
succeed Sir Callum McCarthy, who is leaving in his £434,000-a-year job in
September, according to the Guardian.
Turner is understood to be eager for the job, seen as pivotal in restoring
trust in the City after the first run on a major bank in more than a century and
losses suffered by financial institutions from speculating in US sub-prime
mortgage-backed securities.
But some officials are arguing he would have to accept a lesser role in the
fight against global warming if he wants to take up the FSA job.
Further reading:
City watchdog pledges to get tough on market abuse