Hector Sants to step down from FSA
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Hector Sants is set to leave the Financial Services Authority (FSA) in the summer, after three years as the chief executive.
Hector Sants
In a statement released this morning, Sants says he only ever intended to stay in the role for a three-year term.
Sants says: “When I was appointed I told the board that I planned to serve as chief executive 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, learnt the lessons, and has gone on to reform itself into a much stronger and better equipped organisation. (article continues below)
“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.”
Adair Turner, the chairman, says the regulator will continue in its mission to drive forward the global regulatory reform agenda.
The FSA board will announce the process for finding a successor in due course.
