FSA chief executive John Tiner is to step down in July after six years with the regulator and aims to go back to the private sector.
Tiner, 49, joined the FSA in April 2001 as managing director of the consumer, investment and insurance directorate responsible for IFAs and he replaced Howard Davies as chief executive in 2003.
Speculation has begun about a successor, with non-executive FSA board member James Crosby and Aviva policyholder advocate Clare Spottiswoode mentioned alongside a number of current and former civil servants and regulators.
Internal candidates in a strong position include managing directors Clive Briault and Hector Sants as well as the outside chance of a US candidate with regulatory experience or a European Commission candidate.
A committee headed by FSA chairman Sir Callum McCarthy, and including external panellists, will conduct a selection process to find Tiner’s successor for a role that commanded a salary of £572,619 in 2006.
Tiner will remain a formal employee of the FSA until January 2008 and until then he will be unable to work in the financial services sector or for a listed company.
He headed the FSA’s work on the split-cap investment trust debacle soon after he joined the regulator and was responsible for much of the mortgage endowment crackdown.
As chief executive, he oversaw depolarisation, regulation of mortgages and general insurance, took forward the controversial move to principle-based regulation and launched the current retail distribution review. He stepped down from his role for three months in June 2005 after being diagnosed with prostate cancer.
Tiner says: “I would like another job in the private sector before I think about retirement and this seems to me to be the right time to pass on the baton, with the FSA set firmly on the road to more principle-based regulation.”
Aifa director general Chris Cummings says: “Tiner’s agenda was to make the FSA easier to deal with and he has succeeded. His successor must be someone who listens closely to the concerns of the adviser community as well as being pragmatic and willing to take wide counsel.”
EZI UK managing director Kevin Morgan says: “I would give him five out of 10. What have initiatives such as depolarisation done to benefit consumers or advisers? I would say not a lot. The opaque requirements of TCF have still to show any benefits and it is hard to see how the independent advice sector is better off.”
A Money Marketing poll conducted after the resignation found just 28 per cent of advisers thought Tiner’s tenure has had a positive effect on the savings and investment industry.