Former Conservative politician Andrew Tyrie urged to stand for top job at City watchdog

Senior figures in the financial services sector are attempting to persuade the former chairman of parliament’s Treasury Select Committee to apply for a top job at the Financial Conduct Authority, according to Sky News.

Andrew Tyrie, who was previously Conservative MP for Chichester for 20 consecutive years until he stepped down in April, has reportedly received backing from a number of banks, insurers and asset managers to stand as chairman of the City watchdog.

The current chairman, John Griffith-Jones, confirmed in June that he would be vacating the role next March after serving a five-year term.

Read more: City watchdog chair Griffith-Jones facing calls to step down after FCA launches HBOS probe

Having been in the role since its creation in 2013, Griffith-Jones has attracted criticism over the FCA’s handling of a number of probes – in particular, a bungled investigation into the insurance industry which wiped billions off the market value of leading insurers.

A source close to the Treasury, which is responsible for appointing FCA board members, told Sky News there had been few applicants to replace Griffith-Jones.

During his time in parliament, Tyrie developed a fearsome reputation for interrogating prime ministers, chancellors and bankers.

He has also been vocal over the need to tackle cyber crime and has issued warnings over peer-to-peer lending.

Read more: Treasury Committee chair Andrew Tyrie calls for one-stop watchdog to fight cyber crime, warning current system is too “opaque”

As well as sitting on the Treasury Select Committee, which examines Treasury expenditure and led Tyrie to have some acerbic exchanges with former chancellor George Osborne, he also became founding chairman of the All-Party Parliamentary Group on Extraordinary Rendition.

Tyrie has twice managed Ken Clarke’s campaign in Clarke’s bids to stand for leader of the Conservative Party, but was unsuccessful both times.

Read more: Tyrie urges FCA to publish its report into RBS