The UK’s Financial Services Authority (FSA) is losing its CEO. John Tiner will leave in July, having served in the position for four years.

The split is apparently amicable, with Mr Tiner saying he wants to return to the private sector. “By the time I leave in July, I will have spent six years at the FSA, almost four of them as CEO.

“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.”