McCarthy, who chaired the regulator from 2003 to 2008, will take up the newly created position of JCF Europe chairman as part of the firm’s strategy to increase operations in the region.
JC Flowers attempted to buy Friends Prov in early 2008 but its bids were rejected. Friends Prov was eventually bought this Summer by Resolution, whose chief executive is McCarthy’s former FSA colleague John Tiner.
McCarthy says: “JCF is unique in its expertise and concentration on the financial sector. I look forward to helping apply its ideas, managerial experience and capital to pursue the business opportunities created by the present far reaching changes in the sector.”
JC Flowers founder and executive chairman J Christopher Flowers says: “Sir Callum McCarthy has extensive banking and regulatory experience and will bring a wealth of skills and experience to the role of Chairman.”