Former FSA chief commissioned by Tories to examine regulation

Former FSA chief executive John Tiner will be a member of an independent review body which has been commissioned by the Tories to look into regulation in the UK.

The review will be led by Sir David Arculus, the former head of the government’s Better Regulation task force.

It will look into the failings of the current regulatory regime and how it could be improved.

Alan Duncan, the shadow secretary of state for business said: "After 10 years of Labour, British business is groaning under the weight of an excessive state whose first instinct is to reach for the rulebook and regulate.

“Not only is this mentality frustrating and expensive for businesses, it is also beginning to affect our competitiveness. We need a thorough intellectual overhaul of what has become a very stale area of policy."

Tiner stepped down as FSA chief executive last July. He was replaced by Hector Sants.