Following the announcement that the Chief Executive of the industry regulator, the Financial Services Authority, would be leaving in September 2003, his replacement has been found.
Howard Davies announced in December 2002 that he would leave the FSA in September 2003. His replacement is Callum McCarthy who is currently the chairman of Ofgem, the energy regulator. In announcing Mr McCarthy's appointment by the Treasury Gordon Brown said, "Callum McCarthy 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.
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With some new and experienced blood at the top of the FSA tree, changes in the way the industry is regulated could be afoot.