Tyrie gets City backing to be new FCA chair

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Andrew Tyrie

Former Treasury select committee chair Andrew Tyrie has the backing of key city figures to become the FCA’s chairman next year, according to reports.

Current FCA chair John Griffith-Jones announced in July he would be stepping aside next year when his five-year term comes to an end.

A number of directors at asset managers, banks and insurers are putting their weight behind a potential application from Tyrie to step into the position, Sky News says.

Tyrie did not respond to requests for comment, but insiders tell Sky that he may be interested in the role.

FCA board members are decided by the Treasury. Applications for the FCA chair role close next week, with Griffith-Jones’ replacement to take over at the end of March.

Tyrie ran the Treasury select committee, the group of MPs charged with interrogating the FCA on a regular basis, until this July, when former education secretary Nicky Morgan was elected by MPs to head the group.

Having a former MP chair the FCA could throw up questions over the independence of the regulator, however.

The Treasury used to appoint the chief executive of the FCA without a Treasury committee hearing first, only after the appointment had been decided.

Tyrie oversaw the introduction of a new system where the Treasury select committee can say it does not approve of a nomination, and pass the decision to a binding vote from MPs.