Callum McCarthy, the former banker who is set to become chairman of UK watchdog the Financial Services Authority (FSA), is not afraid to rock the boat in an effort to increase competition.

McCarthy, who is stepping down as chairman of Ofgem, the UK energy regulator, is known for being passionate about regulation. But he has taken competition, rather than regulation, as his modus operandi in opening up markets. This was vividly demonstrated with his decision early last year to abandon caps on electricity prices to consumers, despite fierce opposition from government ministers and consumer groups.