New chief for financial watchdog

The UK's main financial watchdog, the Financial Services Authority (FSA), has announced that its managing director John Tiner is to take up the post of chief executive.

Mr Tiner will move to his new role in September following the departure of current incumbent Sir Howard Davies.

During his time at the FSA, Mr Tiner has led reform of the regulations governing the insurance industry.

But he has also faced mounting criticism that the watchdog did not act quickly enough to deal with the split-capital investment trust mis-selling scandal.

For the first time since the FSA took on super-regulator status at the end of 2001 the roles of chief executive and chairman, both previously held by Sir Howard, have been split.

Back in April it was announced that Callum McCarthy, the energy regulator will become the FSA's chairman.