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Davies&#39 term extended

Chancellor Gordon Brown has announced the extension of Howard Davies&#39 term as chief executive and chairman of the FSA until January 31, 2004.

Davies&#39 original five year term is due to expire July 31, 2002 and there had been much speculation he would leave the regulator at that time.

On announcing the appointment, Brown said: “At a time when the FSA has just taken on its full regulatory powers and is establishing itself as a fully independent single regulator it is invaluable to have Sir Howard remaining in post with his breadth of experience.”

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