The U.K. super-regulator, the Financial Services Authority, has appointed John Tiner as its new chief executive.

Howard Davies, the FSA’s current chairman and CEO, is stepping down September 22 to become director of the London School of Economics.

The FSA’s offices are being split, with Tiner taking over as CEO, and Callum McCarthy, currently chairman of the Gas and Electricity Markets Authority, taking over the chair’s role for the FSA.

Tiner, 46, is the FSA’s managing director, Consumer, Investment and Insurance Directorate. At the FSA he has spearheaded reform of regulation of the insurance industry and has handled the implications of recent testing conditions in the equity market. “John has already made an enormous contribution to the work of the FSA. He is an excellent appointment and has a clear understanding of the needs of consumers and the industry,” said Davies in a news release.

“I am very pleased to have this opportunity to lead the FSA. It is a huge challenge and, given the dynamic and innovative nature of financial markets, I anticipate few dull moments,” said Tiner.