Lord Turner new FSA chairman

Alistair Darling, the British chancellor of the exchequer, has announced the appointment of Lord Adair Turner as chairman of the Financial Services Authority for a period of 5 years.

Turner will take up his appointment in September when Sir Callum McCarthy steps down. He joins the City watchdog at a testing time for the organisation, which has been criticised for failing to prevent the collapse of Northern Rock.

Rumours suggesting that Turner was the frontrunner for the job started circulating