Tiner to step down as FSA CEO

LONDON—John Tiner, chief executive officer of the U.K's insurance and banking regulator, the Financial Services Authority, has announced that he is to leave the post in the summer to pursue his career in the private sector.

No successor has been named. Mr. Tiner will step down in July.

Mr. Tiner succeeded Howard Davies, former executive chairman of the FSA, in 2003.

Previously Mr. Tiner was managing director of consumer investment and insurance directorate at the FSA.

Under his leadership the FSA has overhauled insurance regulation in the United Kingdom, introducing a risk based capital adequacy regime for insurers, introducing regulation of brokers and tackling controversial issues such as transparency of broker fees and contract certainty.

Mr. Tiner said in a statement: "By the time I leave in July, I will have spent six years at the FSA, almost four of them as chief executive. But I would like to do another job in the private sector before I think about retirement and this seems to me to be the right time to pass on the baton, with the FSA set firmly on the road to more principles-based regulation."

Before he joined the FSA, Mr. Tiner had a 25-year career at Arthur Andersen.