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.