Finance watchdog chief steps down

Mr Tiner will stay on at the watchdog until 2008

The head of the UK's Financial Services Authority (FSA) is to step down in July, after four years in the post.

John Tiner said it was "time to pass the baton" as he announced his decision to step down as chief executive.

The 49-year-old will stay on at the FSA until January 2008 but will not work on financial services sector projects in that time, said the FSA.

The organisation added a committee is being developed to look into finding a replacement for Mr Tiner.

Mr Tiner joined the watchdog in April 2001 after working at accountancy Arthur Andersen for 25 years, where his role included head of the global financial services practice.

He added that he would be looking for a job in the private sector when he finally leaves the organisation.