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17 Jan, 2008

Laura Stavro-Beauchamp Date: 17-Jan-2008

The Treasury has begun its search for a new chairman for the Financial Services Authority.

In an advert run in the Financial Times yesterday, applicants with experience as a leader of a large and complex organisation, with absolute integrity, honesty and discrection, were encouraged to apply by February 15.

Sir Callum McCarthy, the regulator's existing chair, will serve until September. He is said to have made clear at the beginning of his tenure that he was only interested in serving a single, five-year term.

McCarthy's experience as a regulator in the energy field and as a banker and a member of the civil service in the Treasury department, helped him bag the role.

His predecessor and the founder of the FSA in its current form was Sir Howard Davies. Davies is now the director of the London School of Economics.

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