FSA chief Tiner calls it a day as of July this year

John Tiner, chief executive officer of the Financial Services Authority (FSA), has revealed that he will step down in July this year after six years with the regulator.

Tiner said: "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."

Callum McCarthy, chairman of the FSA, said: "We are sorry he has decided to leave, but entirely understand and respect his decision."

Tiner joined the FSA in April 2001 as managing director of the consumer, investment and insurance directorate. He was made chief executive in 2003.