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Lord Adair Turner has been appointed as Chairman of the Financial Services Authority. Lord Turner will take up his appointment in September when Sir Callum McCarthy steps down.
The Chancellor said
"I am delighted to appoint Adair Turner as Chairman of the FSA. His wide-ranging expertise will be invaluable in driving forward the FSA's objectives to maintain confidence in the financial system, promote public understanding of it, protect consumers and reduce financial crime. I look forward to working with him.
I would also like to take this opportunity to thank Sir Callum McCarthy for his dedication and contribution over the past 5 years. Sir Callum has provided the FSA with leadership during this period, particularly during the severe pressures in financial markets since last August, continuing the transformation of an organisation and the development of a regulatory system, which is recognised internationally as world-leading."
Lord Turner said
"I am delighted to be taking over from Callum McCarthy at the FSA, and look forward to leading the Authority as it meets the challenges ahead"