The Treasury may announce it is appointing outgoing chief energy regulator Callum McCarthy as the new chairman of the FSA as soon as this week, the Sunday Telegraph has reported.
Quoting an unnamed Government source, the newspaper says McCarthy, the former Barclays senior executive who headed first its Japan and then North American operations, is on a short list of one name.
He became chairman of Ofgem in 2000, having been previously director general of its predecessor Ofgas. He is held responsible for introducing much greater competition into the gas and electricity market.
The Sunday Telegraph says it is not known when he will officially take over from Howard Davies, who is to become the next director of the London School of Economics in October.