Sir Callum McCarthy joined the Financial Services Authority in September 2003 from the Office of Gas and Electricity Markets where he was Chairman and Chief Executive. He had previously held senior positions in Barclays Bank, BZW and Kleinwort Benson, as well Department for Trade and Industry.
His early career was in the chemical industry, and in the DTI where he held several posts including Principal Private Secretary to Roy Hattersley when he was Secretary of State for Prices and Consumer protection and to Norman Tebbit when he was Secretary of State for Trade and Industry.
In 1985 he left the DTI and joined Kleinwort Benson as Director of Corporate Finance. In 1989 he joined Barclays' investment banking arm, BZW, as Managing Director and Deputy Head of Corporate Finance later becoming Chief Executive Officer of Barclays Bank group operations in Japan before moving to head the Bank's businesses in North America.
He left Barclays to become Director-General of the gas regulator Ofgas in 1998. When the new energy super-regulator Ofgem was set up the following year he became Chief Executive before becoming executive Chairman in 2000. At Ofgem he oversaw the introduction of greater competition into the gas and electricity markets.