Callum McCarthy has been confirmed as the new chairman of the Financial Services Authority.
McCarthy is reported to have a reputation as a tough regulator prepared to take on big targets. In his role at energy regulator, OFGEM, he took on firms which tried to block plans to cut prices.
Chancellor Gordon Brown said: "I am very pleased that Callum McCarthy has agreed to be the next Chairman of the FSA Board. He brings to the FSA an unrivalled combination of experience of the public sector, experience as a senior practitioner in the financial services industry, and Chairman of a highly successful regulator. This will prove invaluable to the FSA as it tackles the regulatory challenges of the future.
"I would like to take this opportunity to thank Sir Howard Davies for leading the FSA so expertly. From nine constituent bodies, he has successfully established a single organisation responsible for regulating the UK's deposit- taking, insurance and investment businesses. That the FSA is now widely acknowledged as a world leader in its field is very largely thanks to Sir Howard's drive and vision."
McCarthy, who became chairman of energy regulator Ofgem in 2000, was previously Barclays' chief executive in North America and Japan.
