Lord Currie, Chair of the University Council, has been appointed as the founding chairman of the new Competition and Markets Authority (CMA). 

The new authority brings together the Competition Commission and the Office of Fair Trading, and Lord Currie will establish its vision and strategic direction and ensure a smooth transition.

Business Secretary Vince Cable said: “David will bring a wealth of regulatory experience and leadership to this role which will ensure the future success of CMA, and in turn help to ensure that the UK continues to lead the world in effective competition enforcement.”

Lord Currie, the founding chair of the broadcast regulator OFCOM, will take up his new three day per week role in the summer. He will continue as Chair of University Council, a position he took up in August 2011, having served on Council since 2009.

Lord Currie is also a member of the Panel of Assessors advising the Leveson Inquiry. He sits as a cross bencher in the House of Lords, and is currently Chair of the International Centre for Financial Regulation and a Board member of the Dubai Financial Services Authority.

He said: “I am honoured and delighted to be asked to be the founding Chairman of the proposed Competition and Markets Authority. I look forward to working with the first rate staff of the Office of Fair Trading and the Competition Commission to create a world class unitary competition authority which will best serve consumers and business.”

His appointment will be subject to the Enterprise and Regulatory Reform Bill receiving Royal Assent and to scrutiny by the Business Innovation and Skills Select Committee.