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Broad mandate for Tiner in his role as IFA boss

As one of the FSA&#39s managing director trio, John Tiner will have the most influence on IFAs. He is also the newest member of the team.

Tiner joined the FSA in June from Arthur Andersen at the same time that Carol Sergeant was promoted to be managing director (regulatory processes and risk directorate).

Tiner&#39s role is managing director (consumer, investment and insurance directorates). He is responsible for all aspects of IFA business other than authorisation and enforcement, which fall into Sergeant&#39s hands. Tiner&#39s mandate is a broad one. He is in charge of insurance and investment providers as well as being the IFA boss in the new regime.

He will be responsible for implementing many of the recommendations about regulation of the life industry made in the Baird report into the FSA&#39s handling of Equitable Life.

Similarly, if there are any further changes to polarisation, Tiner will make the decision about implementing them.

Tiner also wears the consumer hat at the regulator, being in charge of improving consumer education, promoting understanding of the products consumers invest in and the disclosure regime, which is under review. Tiner is the first holder of this post. Control of the areas he is responsible for fell under Michael Foot&#39s area of authority previously.

At Arthur Andersen, Tiner had been head of its worldwide financial services practice since 1997. He joined the giant accountancy firm in 1976 and has worked with banking, asset management and insurance companies throughout Europe, the US and Asia over the last 25 years. In 1996, he led the Bank of England&#39s review of banking supervision in the UK and has been president of the Management Consultancies Association.

At the time of his appointment, FSA chairman Howard Davies said: “I am delighted to welcome John Tiner to the FSA. His extensive experience of financial regulation in the UK and overseas will add considerable strength to our top management.”

Undoubtedly, Tiner will have a lot on his hands as he tries to come to terms with all his new responsibilities. In the post-N2 world, IFAs can expect to see a lot more of him as he stamps his mark on the industry.


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