FSA boss Hector Sants quits

FSA chief executive Hector Sants will leave the regulator at the end of June.

Last month FSA managing director Margaret Cole also announced plans to leave the regulator.

Sants said he wanted to step down in February 2010 but stayed to oversee government plans to split the regulator into the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA).

The FSA will split internally on 2 April to prepare for the final separation.

Current PRA deputy chief executive designate Andrew Bailey will take over Sants’ role as head of the Prudential Business Unit, the part of the FSA which oversees the future PRA.

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

“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. I know I leave the organisation in very capable hands.”

FSA chairman Adair Turner said: “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.”