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Tyrie named as new chair of competition regulator

Andrew TyrieFormer Treasury select committee chair Andrew Tyrie has been named as the new chairman of the Competition and Markets Authority.

The ex-MP is best known for asking tough questions of the financial services sector while at the head of the influential parliamentary group.

While the FCA also has a competition remit, the CMA is likely to take on increased importance after Brexit, since competition rules are currently led by the European Commission.

Tyrie stood down from the Treasury select committee in 2017, and will replace David Currie in the post subject to approval from parliament.

Business secretary Greg Clark says: “Andrew Tyrie is a proven consumer champion and competition advocate, with a strong record of independence as select committee chair, ideally suited to leading the CMA at this critical time. I have no doubt he will make good use of his extensive policy, economic and financial experience to entrench the CMA post-Brexit as one of the world’s leading regulatory and enforcement bodies.”

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Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. Pleased to see Andrew Tyrie reappear in an important role following stepping down as an MP and chair of the TSC at the 2017 election. Greg Clark’s assessment of him are entirely correct. Definitely one of the ‘good guys’!

  2. Whilst Mr Tyrie may be best known for asking tough questions of the financial services sector (shouldn’t that be the financial services regulator?) whilst he was head of the TSC, he was hardly heroically successful at obtaining satisfactory answers to those questions, was he?

    And, to the best of my knowledge, he never once challenged the FCA on its wilful disregard for the Statutory (as in constituted under legal statute) Code of Practice for Regulators. Nor did he campaign for the powers that the TSC clearly needed, but plainly didn’t have, to hold the FCA meaningfully to account for its litany of failures or to punish it for its routine frustration of the will of the Committee. Of the latter, there can be no better example than Andrew Bailey’s defiance of the Committee’s repeated demands that it should publish in full and without heavy selective editing of its report on the findings of its investigation into the near collapse of RBS.

    In light of such a record, is it reasonable to have any confidence that he’ll do any better in his new role?

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