The Conservative member of parliament for Chichester was originally elected in 1997.
Financial Conduct Authority (FCA) chief executive Andrew Bailey praised Tyrie (pictured) for his role in improving accountability within the financial services sector.
Tyrie came to prominence by grilling the heads of the UK’s biggest banks and financial services businesses in his position on the Treasury Select Committee.
He was elected chairman of the committee in 2010 and re-elected to that position following the 2015 election.
Improving banking standards
In a statement announcing his decision, Tyrie said: “It has been an exhilarating twenty 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,” he added.
Tyrie thanked his colleagues and the staff on the Treasury Committee who had worked to help drive the changes forward.
Bailey 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.”