Former CBI director general Adair Turner is set to become the new chairman of the City (London) watchdog Financial Services Authority, it was reported today.
He is expected to be appointed to the position in the next 10 days, the Sunday Times said. The move would end the long-running search for a successor to Sir Callum McCarthy, who is due to step down in September.
There has been speculation for some weeks that Lord Turner, who was ennobled by Tony Blair in 2005, has been among the front runners. But concerns have been raised about the amount of time he would have free to dedicate to the job.
He is currently chairman of the Government’s committee on climate change, as well as holding a number of directorships including Standard Chartered and United Business Media.
The Sunday Times said “a compromise” was being worked out in Whitehall that would allow Lord Turner to keep the chairmanship of the climate committee.
Pressure to find a suitable candidate for the FSA’s chairmanship has intensified since the collapse of Northern Rock. It led to fierce criticism of the regulator, and also extensive admissions of failure on its own part following an internal review into the episode.