Top job at regulator may go to an industry insider

HECTOR SANTS, PROUD OF THE FSA’S RECORD
HECTOR SANTS, PROUD OF THE FSA’S RECORD

Hector Sants, chief executive officer of the Financial Services Authority, could be replaced by somebody from a trade association when he leaves the regulator in six months’ time.

The FSA has announced that Sants will leave it in the summer after three years as CEO.

The regulator’s board says it will announce the process for deciding Sants’ successor in due course but speculation has already begun on who will take on the CEO role.

Robert Sinclair, director of the Association of Mortgage Intermediaries, says: “There aren’t too many candidates the FSA can consider. It will need to find somebody who can represent it externally while managing it internally, and that will be a rare animal indeed.”

In the frame are Paul Tucker, deputy governor of financial stability at the Bank of England, and representatives from trade associations such as the British Bankers’ Association and even AMI. Sants says: “My three years have encompassed the most extraordinary circumstances for a financial regulator and I’m proud of the way the FSA has risen to the challenge of dealing with unprecedented turbulence in global markets.”