All change at the top of the FSA
The eventful reign of Sir Howard Davies as chairman and chief executive of city watchdog, the Financial Services Authority, has ended with Callum McCarthy stepping up to the plate.
McCarthy, former head of energy regulator Ofgem, takes over as chairman today, while John Tiner, the FSA’s current managing director, assumes the role of chief executive.
Sir Howard has left the business world and entered academia, becoming head of the London School of Economics.
During his seven years in charge Sir Howard developed a reputation as a tough enforcer, particularly after bringing in tough anti-money laundering requirements for financial services companies as well as ushering in full enforcement powers for the FSA as it took over full regulation of the City.
However, during his reign, the FSA was criticised for the way it handled the split capital investment trusts ‘splits’ scandal.