The Press Standards Board of Finance (PressBoF) has annouced the appointment of Lord David Hunt as the new chairman of the Press Complaints Commission today.

The appointment comes just over two months after Baroness Peta Buscombe decided to step down, on July 29.

The PCC has been heavily criticised following revelations on the phone hacking scandal for its failure to deal with the matter. Prime Minister David Cameron, in July, called for it "to go".

Lord Hunt, a former Cabinet Minister and MP for Wirral and, later, Wirral Wes, is currently chairman of the Financial Services Division at the law firm Beachcroft.

Lord Hunt said: "I am delighted I shall be leading the crucially important process of wholesale regeneration and renewal of the system of independent self-regulation of the press. My job is to ensure we create in due course an effective, genuinely independent standards body, which enjoys the overwhelming respect and support of the media, our political leaders and the general public."

Throughout my political life I have fought for freedom of expression; and a free press is the distinctive and indispensable hallmark of any truly free, civilised society. I have no desire to live in a country where the legitimate, lawful investigative activities of the press are fettered at the whim of politicians. That would not be freedom at all."

Those who work for newspapers or their digital off-shoots are, however, rightly bound by the law of the land, just like everyone else. They should also abide by recognised standards of professionalism, consideration and common decency."

The PCC already plays an invaluable role, delivering fast, free and fair treatment of complaints from members of the public, as and when a newspaper has overstepped the line. There is a real appetite for change, however, and it is my intention to drive forward the creation of a reinvigorated and respected standards body, funded by the industry but operationally independent from both the industry and the state."

He will take up his appointment on October 17.