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Hector Sants steps down as CEO of FSA

Hector Sants, chief executive officer of the Financial Services Authority, has announced he will be leaving the organisation at the end of June 2012.

Sants first announced his resignation in February 2010, but agreed to stay on at the regulator for an additional two years to oversee the break up of the FSA into the Financial Conduct Authority and the Prudential Regulation Authority.

On April 2 the FSA will split into a twin peaks structure, mirroring the split of future FCA and PRA responsibilities.

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.

“Now is the right time to hand over to those who will deliver the long term goals of the future PRA and FCA.”

He adds: “I am proud of what the FSA has achieved during my time in charge, through what have been incredibly challenging times. I would like to thank all of my colleagues for their dedication, support and hard work.”

Adair Turner, chairman of the FSA, says: “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.

“I am very sorry to see him leave but I understand his decision, now that he has delivered what he set out to achieve. I’d like to thank him for all that he’s done.”

Andrew Bailey is due to take over Sants’ role as head of the Prudential Business Unit, the part of the FSA mirroring the future PRA.

Martin Wheatley will remain the head of Conduct Business Unit and future CEO of the FCA. Following Sants’ departure both will directly report to Lord Turner.  

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  • John 16th March 2012 at 3:55 pm

    Good riddance. His legacy is the death of Finacial Services as we knew it. His part in bankrupting the banking industry and the country well documented. Protect the consumer, don’t make me laugh..all Sants & Co have protected is their golden goodbyes and gold plated pensions!
    If an IFA shrugged his shoulders at his own mistakes and did as many U-turns as Sants and his cronies have he’d be run out of town by the FSA. The only people who will shed a tear are the Banks whom Sants and the FSA have allowed to run roughshod over the lot of us!
    Wake up George Osborne and kick this odious little man out of any financial public office!

  • Kevin Vella 16th March 2012 at 2:32 pm

    you just know it will be a golden goodbye … half a million should cover it!

  • sHAKS 16th March 2012 at 2:08 pm

    He was proud of his epic failures that contributed to the decimation of the financial services industry. That was their great achievement.

  • bobby 16th March 2012 at 1:52 pm

    The only thing this idiot has achieved is in meeting and probably exceeding the numbers of IFA’s and brokers who have left the industry. So in that sense he had done what he set out to do. To eradicate all independant advise and have the public with the option of their Bank or nothing. So, well done Hector, be proud of being in the seat when the public had to bail out RBoS with £ 38b , what an achievement. I am glad that I personally set the bar a little higher. Enjoy your massive pay off and please just leave for a desert island somewhere.

  • Warwick Tidy 16th March 2012 at 1:11 pm

    Good riddance to this failure.

  • Ballbag 16th March 2012 at 12:13 pm

    So you’re leaving us at long last…..dear dear, what a pity, never mind.

    “I am proud of what the FSA has achieved….” what a twonk. If he’s leaving of his own free will, does that mean he’ll go empty-handed like the rest of us, or more likely are they going to stuff another load of notes into his back pocket?

  • Mike Snorkins 16th March 2012 at 12:04 pm

    Retirement – I doubt it, no doubt a move to a role with as a non-exec director with some financial instution, or the like. Maybe a well paid speaker a la Phoney Tony…

    Hasta la vista, baby.

  • Stuart Duncan 16th March 2012 at 11:55 am

    God forbid that he gets to have any position of power in the future.

    The most destructive individual in the history of the UK economy, bar none.

  • bobby 16th March 2012 at 11:31 am

    He adds: “I am proud of what the FSA has achieved during my time in charge, through what have been incredibly challenging times. I would like to thank all of my colleagues for their dedication, support and hard work.”

    You really couldn’t make it up could you ?!

  • Des Platt 16th March 2012 at 11:27 am

    So he is proud of failing of overseeing a shambolic period of financial services.I wish I set myself such low standards. Well no, I don’t actually

  • could not care less 16th March 2012 at 11:18 am

    Hector who??

  • Mike 16th March 2012 at 11:17 am

    Proud? He set the bar very, very, very, very low! He decimated the IFA and by doing so removed advice & choice from the common man. PLUS he by his own admission, took his eyes off the banks whilst doing so and allowed them to bankrupt the country throwing many families out of work and repossessed out of their houses. He by his poor judgement put every man, woman & child into £125,000 of debt. Proud Hector? You are a disgrace.

  • Dazed and Confused 16th March 2012 at 11:07 am

    Bye Hector…enjoy your retirement. I would like to say you will be missed, but you won’t!