McCarthyism in Docklands

31 March 2003

The new chairman of the City’s Financial Services Authority looks as if he would like to make the regulator more consumercentred. Good. But first he has to find a chief executive, and impose himself on the FSA’s existing top management.

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Callum McCarthy, the current head of Britain's energy regulator OFGEM, has been recommended to the Chancellor as the new chairman of the City regulator, the Financial Services Authority, reports say. McCarthy, who is a former investment banker at Barclays and an excivil servant, would succeed Sir Howard Davies. According to reports, his top priority will be the scandal surrounding the alleged misselling of savings products by insurance companies.

The FSA was set up in 2001 as a new superregulator, combining responsibility for banks, investment and insurance firms, as well as consumer protection.

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