Hector Sants to quit FSA

by Gill Montia

Story link: Hector Sants to quit FSA

The Financial Services Authority (FSA) is losing its chief executive officer.

Hector Sants will be leaving this summer after three years in the post and in line with his original timescale for heading up the regulator.

Having joined the FSA in May 2004 from Credit Suisse First Boston, Mr Sants took up his responsibilities as chief executive in July of 2007, moving from managing director wholesale and institutional markets, to replace John Tiner.

Commenting his tenure of office he says: “Of course, those three years have encompassed the most extraordinary circumstances for a financial regulator, and I am very proud of the manner in which the FSA rose to the challenge of dealing with such unprecedented turbulence across global financial markets.”

The Authority has also learned the lessons of the credit crisis and has gone on to reform itself into a much stronger and better equipped organisation, according to Mr Sants.

The board of the FSA will announce the process for deciding the succession to Hector Sants in due course.