Ex-FSA chairman Turner joins Soros-funded think-tank

Former FSA chairman Lord Adair Turner
Former FSA chairman Lord Adair Turner

Former FSA chairman Lord Adair Turner has taken up a role with a US think-tank funded by hedge fund billionaire George Soros.

Turner has been appointed as a senior fellow at the London offices of the Institute for New Economic Thinking, following the disbanding of the FSA and creation of the Financial Conduct Authority and the Prudential Regulation Authority this week.

His role, which is thought to be unpaid, will see the former FSA chairman “thinking big thoughts” on how to overhaul the financial system.

Soros founded Inet in 2009 with an initial $50m (£33m) donation to develop new economic theories to replace those “outdated” and called into question by the 2008 financial crisis.

Turner was tipped to become the next governor of the Bank of England before Bank of Canada governor Mark Carney was appointed. He used his Mansion House speech in October to call for new policy “innovations” should existing schemes such as Funding for Lending fail to boost the economy.

He also famously claimed in August 2009 that much of the City’s activities were “socially useless”.

Philip J Milton & Company managing director Philip Milton says: “I do not see Turner as an economist, but with his background he may be able to add something to new economic thinking. An appointment like this was almost inevitable.”