New FSA chairman Lord Adair Turner will first have to face a Treasury Select Committee hearing before he can officially take up the post.
Turner, who is set to replace Sir Callum McCarthy in September for a period of five years, will be the first FSA chief to have to face a Committee grilling.
The ‘interview’ has been set up in order to increase the Parliamentary scrutiny of public appointments for certain key positions.
Chancellor Alistair Darling says: “I am delighted to appoint Adair Turner as chairman of the FSA.
“His wide-ranging expertise will be invaluable in driving forward the FSA's objectives to maintain confidence in the financial system, promote public understanding of it, protect consumers and reduce financial crime. I look forward to working with him.”
Darling also pays tribute to McCarthy, who joined the FSA in 2003 from the Office of Gas and Electricity Markets.
“Sir Callum has provided the FSA with leadership during this period, particularly during the severe pressures in financial markets since last August, continuing the transformation of an organisation and the development of a regulatory system, which is recognised internationally as world-leading,” he says.
Jonathan Adair Turner, Baron Turner of Ecchinswell, is currently a non-executive director for a number of large firms including Standard Chartered, Siemens and Paternoster.
He is a former chair of the Low Pay Commission and Pensions Commission, former director-general of the Confederation of British Industry (CBI), a former vice chairman of Merrill Lynch Europe, and a former adviser to Climate Change Capital.
020 7034 2636
Three examples of compensation rule issues
Buying in baskets
Scam victims lost average £91,000
Stepped down following MBO
Helped by rising oil price