"Tyrie is a proven consumer champion and competition advocate, with a strong record of independence as Select Committee chair, ideally suited to leading the CMA at this critical time. "
Former Treasury Select Committee chair Andrew Tyrie has been appointed as the new chair of the Competition and Markets Authority.
Tyrie was also the former chair of the Parliamentary Commission on Banking Standards, whose recommendations for the reform of governance in major financial institutions are now being implemented.
Other previous roles include chairman of the Liaison Committee, the committee of select committee chairs, as well as experience in finance and commerce including board roles in investment management and property firms, and as an advisor to the law firm DLA Piper.
The CMA is responsible for carrying out investigations into mergers, markets and the regulated industries as well as enforcing competition and consumer law, and is expected to take on a bigger role post-Brexit.
Business Secretary Greg Clark said: "The CMA has a vital role to play in promoting competition and making markets work for consumers, businesses and the economy.
"Andrew Tyrie is a proven consumer champion and competition advocate, with a strong record of independence as Select Committee chair, ideally suited to leading the CMA at this critical time. I have no doubt he will make good use of his extensive policy, economic and financial experience to entrench the CMA post-Brexit as one of the world’s leading regulatory and enforcement bodies."
Andrew Tyrie added: "Subject to Parliamentary support, I’m delighted to accept this post and look forward to working with the CMA’s high quality board and staff.
"Making markets work for the benefit of millions of people is what the CMA is all about. In the years ahead, competition can and should be put even closer to the centre of British economic life, reaching to every sector, rooting out monopoly and unfair trading practices, and enhancing Britain’s global competitiveness into the bargain."