published, and the same year Turner was appointed as first Chairman of the British Government's newly established Committee on Climate Change. He stepped down from this position in Spring 2012. On 29 May 2008, it was announced that he would take over as Chairman of the Financial Services Authority. He took up this post on 20 September 2008 for a five-year term to succeed Callum McCarthy. Financial Services Authority Turner defended the actions of the regulator on the BBC's Andrew Marr show on 15 February 2009, saying that other regulatory bodies throughout the world, which varied in structure and lightness of regulatory touch, also failed to predict the economic collapse. He said that in line with other regulators the FSA had failed intellectually by focusing too much on processes and procedures rather than looking at the bigger economic picture. Asked why Sir James Crosby had been appointed deputy chairman when the FSA had said that his bank HBOS was using risky lending practices, Lord Turner said that they had files on almost every financial institution indicating a degree of risk. He did not apologise for the actions of the FSA, which had presided over the near-total collapse of several major banks, and accepted that it had not foreseen the consequences for Lloyds Bank of its merger with the ailing HBOS in September 2008. Despite controversy over bonuses for employees of Lloyds, he sought to justify bonuses averaging 15 per cent for his own 2,500 staff, arguing "If you're saying we should now cut the bonuses [of FSA employees], you're saying you should cut their pay by 15%". In August 2009 in an interview for Prospect magazine he supported the idea of new global taxes on financial transactions (the "Tobin tax"), warning that a "swollen" financial sector paying excessive salaries had grown too big for society. Institute for New Economic Thinking In April 2013, it was announced that Lord Turner would be joining George Soros' economic think tank, the Institute for New Economic Thinking, as a senior research fellow in its London offices. From that, he wrote a book "Between Debt and the Devil: Money, Credit, and Fixing Global Finance" Princeton University Press, 2016 Global Apollo Programme In 2015, he was co-author of the report that launched the Global Apollo Programme, which calls for developed nations to commit to spending 0.02% of their GDP for 10 years, to fund co-ordinated research