Turner to be new chairman of FSA

Adair Turner, former vice chairman of Merrill Lynch in Europe and author of an influential review of Britain’s pension system in 2004, was named chairman of the U.K. Financial Services Authority, according to a news release. He will replace Sir Callum McCarthy, whose five-year term expires in September. Mr. Turner’s “wide-ranging expertise will be invaluable in driving forward the FSA’s objectives to maintain confidence in the financial system, promote public understanding of it, protect consumers and reduce financial crime,” said Chancellor of the Exchequer Alistair Darling in the release.