The Treasury has begun searching for a new chairman of the Financial Services Authority (FSA), the BBC's business editor Robert Peston has learned.
Current chairman Sir Callum McCarthy will stand down in September.
The BBC's business editor said that the role of FSA chairman is one of the top jobs in London's financial district.
As part of a three-pronged financial regulatory system, the FSA, along with the Bank of England and the Treasury, handled the Northern Rock crisis.
Following concerns about the way the Northern Rock collapsed, the government has unveiled plans to give the watchdog further powers to help it deal more effectively with any future problems in the industry.
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