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John Tiner, chief executive officer of the Financial Services Authority (FSA), announced today that he intends to step down later this year.
He said:
'By the time I leave in July, I will have spent six years at the FSA, almost four of them as chief executive. 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, said:
'In the UK, John has made an enormous contribution to the health of the financial services industry and to the wellbeing of those who use its services – both wholesale and retail. He has been a leader in developing international regulation through his work in Europe. Within the FSA, he has been invaluable in developing and leading a management structure with discipline and enthusiasm.
'The board, and I personally, are very sorry he has decided to leave, but I entirely understand and respect that decision, as I’m sure will all his colleagues at the FSA. I look forward to continuing to work closely with him until his departure in July.'
Mr 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.
He will continue as ceo and a member of the FSA board until July 2007.
Background
- A committee, chaired by Callum McCarthy, is being constituted to conduct the selection process for a successor. The position will be advertised internally and externally.
- After his departure, John Tiner will remain formally an employee of the FSA until January 2008, during which time he will be excluded from any work within the financial services sector or for any UK-listed company.
- The FSA regulates the financial services industry and has four objectives under the Financial Services and Markets Act 2000: maintaining market confidence; promoting public understanding of the financial system; securing the appropriate degree of protection for consumers; and fighting financial crime.
- The FSA aims to promote efficient, orderly and fair markets, help retail consumers achieve a fair deal and improve its business capability and effectiveness.
Biography
John Tiner joined the FSA in April 2001 after a 25-year career at Arthur Andersen, the accountancy and management consultancy firm. He was an Andersen partner for 13 years and was appointed head of the global financial services practice in 1997. While at Andersen, he led the team that produced the report into the collapse of Barings in 1995 for the Board of Banking Supervision at the Bank of England. His interest in financial regulation deepened as he produced further work for the Bank on the future of banking supervision, developing early models of the risk-based approach that is now in use at the FSA and elsewhere.
He was appointed managing director of the FSA, in charge of the consumer, investment and insurance directorate, in 2001 and became chief executive in September 2003. He succeeded Sir Howard Davies, whose job as executive chairman was split, with Callum McCarthy becoming chairman.
At the FSA, he led the Tiner Review, which transformed the insurance industry, negotiated a settlement bringing compensation to investors in split capital trusts and championed the financial capability programme to address the problems caused by consumers not understanding personal finance management.
He reorganised the FSA into three business units, covering retail markets, wholesale markets and regulatory services, which brought greater focus to the organisation. He also led the drive away from detailed rules towards more principles-based regulation.
