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Treasury approval is needed

The appointment of a new FSA chief executive could be one of the last jobs of the current Chancellor or one of the first jobs of his replacement.

The selection committee headed by chairman Callum McCarthy and including non-executive directors and external figures will meet in the near future to begin the process.

The new appointment will need to be approved by the Treasury.

With Tiner stepping down in July and Gordon Brown favourite to take over as Prime Minister around the same time, the announcement could be made at a time of upheaval.

Industry pundits suggest a good Treasury relationship is a prerequisite for the job, with James Crosby, DeAnne Julius, Sir Steve Robson, Sir John Gieve all favoured by the Department.

A replacement may not takeover immediately after Tiner leaves, with the possibility of McCarthy taking on a dual role for a limited time as he has done in the past. Cicero Consulting director Iain Anderson says: “A key point is that whoever gets the role will have to be ratified by the Treasury. Whether or not Gordon Brown is at Number 10 or Number 11 he is going to take a lead role in who the appointment is.”

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