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FSA ad seeks successor to McCarthy

The Treasury is advertising for a successor to FSA chairman Sir Callum McCarthy who is due to retire in September.

Many in the industry believe the FSA will employ an external candidate following the internal appointment of Hector Sants as chief executive.

The advertisement in the Financial Times says applicants should be able to demonstrate a proven track record of providing strategic leadership in a big, complex organisation inside or outside the financial services industry.

The ad says the successful candidate will need an extensive knowledge of financial services and be able to represent the regulator at senior meetings of the tripartite standing committee. Applications must be received by February 15.

Cicero Consulting director Iain Anderson says early indications point towards the selection of someone from the banking or insurance sectors but it too early to make an accurate prediction.

He says: “Whoever is chosen will have to be signed up to the Chancellor’s ideas on how to develop the tripartite arrangement or have some good ideas of their own.”

AJS Wealth Management director Anna Sofat says the ideal candidate would be consumer-focused with a strong grasp on customer service.

She says: “Maybe bringing someone in from outside the financial services industry would bring a fresh perspective to the role whereas insiders often carry baggage.”

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