Ofgem chief to succeed Davies at FSA
Callum McCarthy, the current chief executive of energy industry regulator Ofgem, is set to assume control of the Financial Services Authority in October, according to reports.
A number of newspapers claim McCarthy has already been chosen as the city watchdog’s new chairman and will be officially appointed by Gordon Brown later this week.
If this is the case, he will succeed Sir Howard Davies who announced his decision to leave the FSA in December last year, and who will step down in October.
According to the FT McCarthy’s agenda will be led by efforts to sort out the mess surrounding the misselling of pension and endowment policies by the insurance industry, while the impact of Sarbanes-Oxley on UK companies is also believed to be a chief concern of his.
The appointment of McCarthy has yet to be confirmed by the Treasury.