The current chairman of KPMG is to take on the role as the non-executive chair designate of the new Financial Conduct Authority (FCA), it has emerged.
John Griffith-Jones will take up his new position on the board on 1 September this year and is set to work alongside Martin Wheatley - the chief executive designate of the FCA - to oversee the creation of new rules.
The FCA forms part of the UK's new financial regulatory system along with the Prudential Regulation Authority and will replace the existing Financial Services Authority (FSA) as soon as the Financial Services Bill is passed into law in the early stages of 2013.
Lord Turner is set to remain as the FSA's executive chairman until this transition is complete.
Mr Griffith-Jones said he sees the FCA as crucial to rebuilding the trust between consumers, investors and businesses, primarily through its "increased focus on consumer protection and choice".
By Asim Shah