LONDON (Reuters) - The outgoing chairman of Britain’s financial watchdog and one-time candidate to head the Bank of England (BoE) is expected to take up a post at a think tank founded by billionaire investor George Soros.
Britain’s Sunday Telegraph newspaper reported that Adair Turner, who heads the soon to be dissolved Financial Services Authority, will join the Institute for New Economic Thinking in New York.
Dubbed by British media as “The Man Who Broke the Bank of England”, Soros reportedly made $1 billion by betting on the devaluation of Britain’s sterling currency in 1992, helping to send it crashing out of the European Exchange Rate mechanism.
Hungarian-born Soros set up the think tank to devise new economic theories in response to deficiencies in current thinking demonstrated by the recent global financial crisis.
Board members include Nobel prize-winning economists Joseph Stiglitz and Amartya Sen.
The Sunday Telegraph gave no details of the nature of Turner’s role at the think tank. The appointment has not yet been announced and spokesmen for Soros and Turner were not immediately available for comment.
The Sunday Telegraph said the FSA had confirmed Turner’s appointment and quoted an FSA source as saying Turner’s aim at the think tank was to “think big thoughts” and write “more learned papers”.
Turner’s FSA will be scrapped from April 1 amid reforms to fix a supervisory system criticised for failing to spot the financial crisis coming, forcing Britain to bail out banks.
Two new bodies will replace it - the Financial Conduct Authority and the Prudential Regulation Authority.
Reporting by Mohammed Abbas; editing by Anna Willard