The Financial Services Authority (FSA) has announced that chief executive Hector Sants is to step down at the end of June.
Sants will step down after overseeing the design and delivery of the new “twin peaks” regulatory regime, which will encompass the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA).
The new regime will come into effect on April 2.
Sants had previously announced his resignation in 2010, before electing to continue in the role after being asked by the government.
Sants says: “When I agreed to stay on as CEO 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.”
He adds: “Now is the right time to hand over to those who will deliver the long term goals of the future PRA and FCA.” (article continues below)
Adair Turner, chairman of the FSA, adds: “The major reforms made within the FSA since the financial crisis and the progress in delivering the government’s plan would not have been possible without Hector.
“He is a truly outstanding public servant of great integrity and has provided the FSA with dedicated leadership and focus through extremely turbulent times.”
Further details of a management structure at the FSA will be announced at a later date.