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Davies to quit

FSA chairman and chief executive Howard Davies is to quit after five years in the duo role.

Davies will leave the regulator in September 2003 to take up the position of director at the London School of Economics on October 1.

Davies 51, was previously deputy governor of the Bank of England and had been tipped as a possible successor to Sir Edward George for the top job at the BoE.

However the Chancellor Gordon Brown announced in his pre-Budget Statement last month that current deputy governor Mervyn King would replace George.

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