The announcement of FSA chairman Howard Davies' resignation is an ideal time for a full-scale review of the regulator according to Conservative shadow chief secretary to the Treasury Howard Flight.
It is essential the jobs of chairman and chief executive are split, says Flight, and a heavy-hitting chairman from the industry found to occupy the top post.
Flight says an investment banker or top corporate finance lawyer would make a decent choice as the next chairman.
Flight says: “The sensible thing would be to get a heavy experienced outside chairman and potentially an internal appointment for chief executive. It is well time to be potentially looking at the regulator as a whole.”