John Tiner was Chief Executive of the Financial Services Authority (FSA) between September 2003 and July 2007. At the FSA, he was widely credited with modernising the regulation of the UK insurance industry. He was also a member of the Committee of European Insurance and Occupational Pension Regulators which steered the development of Solvency II. Before joining the FSA, Mr Tiner was a Managing Partner at Andersen, responsible for its worldwide financial services practice. He led the Andersen team appointed by the Bank of England to investigate the collapse of Barings Bank and draw out the lessons to be learned. He is now CEO of Resolution Operations LLP, a financial restructuring company, a non-executive director of the Credit Suisse Group and of Lucida plc.
There are different forms of regulation: rules based and principle based. Principle based regulation requires decision makers who are comfortable with ambiguity. Good crisis management involves being well prepared and making quick decisions.