The Chancellor has appointed Adair Turner as the new chairman of the UK Financial Services Authority for a period of five years.
Mr Turner will take up his appointment in September 2008 when Callum McCarthy steps down.
The Chancellor said: I am delighted to appoint Adair Turner as chairman of the Financial Services Authority (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.
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 organization and the development of a regulatory system, which is recognized internationally as world-leading.