John Tiner, chief executive officer of the Financial Services Authority (FSA), the UK regulator, is to step down later this year. The news says unexpected.
“By the time I leave in July, I will have spent six years at the FSA, almost four of them as chief executive,” he says. “The job has been immensely enjoyable and it has been a privilege to lead this organisation and its excellent people. But I would like to do another job in the private sector before I think about retirement and this seems to me to be the right time to pass on the baton, with the FSA set firmly on the road to more principles-based regulation.”
Callum McCarthy, chairman of the FSA, says the board is “very sorry” Tiner is leaving.
Tiner, 49, joined the FSA in April 2001 as managing director of the consumer, investment and insurance directorate. He was appointed chief executive in 2003. Previously, he had spent 25 years at Arthur Andersen, where he was head of the global financial services practice.