MercoPress. South Atlantic News Agency

UK top financial regulator quits after three years in the job

Hector Sants, an investment banker, oversaw decisions throughout the financial crisis

The head of Britain’s Financial Services Authority, FSA, has announced he is to quit after three years at the helm. Chief executive Hector Sants is to stand down in summer 2010, the regulator said, adding that it would announce the process for replacing him in due course.

The former investment banker had been vocal in opposing plans by the Conservatives to disband the FSA and hand greater powers to the Bank of England. Mr Sants had been considering for some time whether to stay on beyond the end of his three-year term in July. He took over the FSA top job in July 2007, and oversaw decisions throughout the financial crisis.

“When I was appointed I told the board that I planned to serve as CEO for three years, and I intend to stick to that timetable. Of course, those three years have encompassed the most extraordinary circumstances for a financial regulator, and I am very proud of the manner in which the FSA rose to the challenge of dealing with such unprecedented turbulence across global financial markets.

'Moreover, I believe the FSA candidly examined the failings in financial regulation that contributed to the onset of the crisis, learned the lessons and has gone on to reform itself into a much stronger and better equipped organisation.

'The success of any regulatory structure depends on ensuring supervision is carried out by high-quality supervisors with sufficient resources and specialist support. I believe the FSA has made great strides in ensuring that such individuals are in place in the UK and I am sure that after I leave they will continue to do invaluable work to ensure financial stability and protect the interests of consumers”, said the statement from Mr. Sants.

FSA chairman Adair Turner said, 'We will be immensely sorry to lose him, but understand his decision to move on in the summer and wish him well in whatever he chooses to do after his departure.'

“Hector has given outstanding service and leadership through the turbulent last three years and has played a pivotal role in reforming the FSA into a truly effective organisation,” Mr Turner sa
Sants first joined the FSA in May 2004 as managing director of wholesale and institutional markets. He joined the FSA from Credit Suisse First Boston where he was chief executive of the Europe, Middle East and Africa division.