Finally, after much speculation, the new ˜chair" at the financial industry regulator, the Financial Services Authority, has been named as Callum McCarthy.
Our view
McCarthy follows in the footsteps of Sir Howard Davies, and takes over at an un-enviable time where mis-selling scandals for endowments and split capital investment trusts are in full swing as well as new regulation for General Insurance and Mortgages is about to hit the industry, which has previoulsy been un-policed!
We do not envy Mr McCarthy and wish him well. We do hope that he stamps out the "wishy washy" approach that we believe the FSA's stance has been over many issues and they actually start the enforce real regulation to reduce the risk of mis-selling.