Andrew Large set for five more years as head of SIB

Click to follow
Sir Andrew Large, chairman of the Securities and Investments Board, is believed to be discussing the possibility of a further five-year term at the helm of the City regulator when his period of office ends next year.

It is understood that Sir Andrew, 54, may have been unofficially sounded out by the Treasury with a view to staying on at the SIB. An announcement is expected early next year.

His continued presence at SIB is seen as ensuring that work begun by the regulator on the pensions mis-selling review, together other with longer-term initiatives, is completed.

It is understood that the re-appointment of Sir Andrew would not be opposed by Labour or the Conservatives, regardless of which party wins the general election.

Mike O'Brien, the Labour party's financial services spokesman, has committed himself to a review of financial services, with a beefed-up SIB taking on the role of various smaller front-line regulators.

Sir Andrew, it was suggested by a source yesterday, might be allowed to continue in his pounds 180,000 chairman's post for some time before handing on to a younger person in a few years' time.

Since taking over at SIB, Sir Andrew, a former banker who joined the regulator in mid-1992, has been heavily involved in identifying and resolving the pension mis-selling scandal.