Andrew Tyrie, Conservative MP and chair of the Treasury Select Committee, is to stand down from Parliament and not contest to upcoming General Election.

Tyrie is MP for Chichester where he had a majority of 24,413 at the 2015 election.

In a statement he said: “It has been an exhilarating 20 years. I have done what I can to make a contribution, particularly in efforts to improve banking standards and to shape a more trusted and resilient financial sector after the crisis of 2008. I have also sought to play a part in reviving Parliament’s relevance, not least by making the case for select committee chairmen to be elected by their fellow MPs.

“Stronger committees now demand better explanations for the decisions made by ministers, regulators, and quangos than hitherto. I particularly want to thank my colleagues and the staff on the Treasury committee who have worked with me to drive these changes forward.”

Andrew Bailey, chief executive of the Financial Conduct Authority, added: “I would like to thank Andrew for his contribution to public policy through the Treasury Select Committee and the Parliamentary Commission on Banking Standards. 

“He has played a major role in enhancing the accountability of economic and financial policy at a time of great change.”