FSA's Sally Dewar to step down

The Financial Services Authority (FSA) has announced that Sally Dewar, board member and managing director of risk, has decided to leave the organisation in May 2011.

In a statement, Dewar said: "Over the last three years the FSA has been at the heart of dealing with the effects of the financial crisis on firms and markets, both in the UK and internationally. It has been at the forefront of policy development globally, and has implemented a significant change programme to strengthen its capabilities and effectiveness, whilst faced with uncertainty over its future.

"It has been an extraordinary time and one which has had a lasting impact both on the FSA but also on me personally. Having reflected and made the decision not to put myself forward for the chief executive role, regardless of future regulatory structure, I feel that now is the right time for me to step down from the FSA Board and pursue new opportunities.

"I am very privileged to have had the opportunity to help shape both the supervisory approach and agenda of the FSA as it exists today, and the future global regulatory framework of the financial services sector. But, above all, I feel honoured to have worked alongside colleagues who have shown such commitment and professionalism to improve both the robustness of the FSA and the financial system more generally.

"The FSA senior management team will have my full support over the coming months, as we work together to ensure an orderly handover."

FSA chief executive Hector Sants, said: “Sally joined the FSA in 2002 and has worked tirelessly and effectively for the organisation for eight years. She became markets director in 2005 and since becoming a managing director in January 2008, has played a pivotal role in implementing our reform agenda. I am particularly grateful for the personal support she has shown me and on behalf of the whole organisation wish her the very best for the future."

Adair Turner, FSA chairman, added: "No matter what the immediate future holds for the FSA, I am delighted we will have Sally's help until next spring. She has been central to the transformation that the organisation has undergone in the last few years, and will continue to be so for her remaining time."