FSA chief’s decision to quit by June end

This article was last updated on April 16, 2022

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One of the Briton’s top financial regulator, Hector Sants has decided to leave the post of chief executive of the Financial Services Authority by the end of June.

Mr. Sants has been stepping down as chief executive of the FSA, before its being dismantled in March or April next year. FSA’s managing director of business conduct, Margaret Cole has also left recently.

Mr. Sants had already given his resignation in 2010 apparently seeking a change from financial regulation. The incoming coalition government of May 2010 had soon got able to convince him to stay despite his opposition to George Osborne’s plan to dismantle the FSA and hand its supervisory powers to the Bank. He got agree to stay on to oversee regulatory system reform to prevent another financial crisis.

Mr. Sants has stated in this connection: “When I agreed to stay on in 2010, I committed to stay and deliver an orderly transition to the government’s new regulatory structure. The project is now firmly on track and with the establishment of twin peaks within the FSA I will have achieved that goal. Now is the right time to hand over to those who will deliver the long-term goals of the future PRA and FCA. I am proud of what the FSA has achieved during my time in charge, through what have been incredibly challenging times.””

The bodies that will merge to transform into the PRA and the FCA are already in place and the twin peaks system will begin to come into practice from next month.

The governor of the Bank of England, Sir Mervyn King has expressed his grief: “I am sad that Hector Sants has decided to stand down. I am very grateful to him for staying on for longer than he had planned.”

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