It emerged today that the Treasury has named Lord Adair Turner as chairman of the Financial Standards Authority (FSA), ending months of speculation about who would take the helm at the City watchdog.
“Lord Turner’s appointment is an outstanding one for the FSA and will be well received across the insurance industry. I worked with him on the Low Pay Commission some years ago, and his stewardship of the CBI shows that he understands the costs of regulation to business.
“More recently, his work on pension reform shows he has an excellent grasp of the issues involved, not least the vital need to keep personal accounts simple and out of the regulatory advice net. There are lessons in both of these areas for the FSA. I look forward to working with him closely in the future and continuing to build the strong relationship the insurance industry has with the FSA,” says Stephen Haddrill, director general, Association of British Insurers.