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FSA chief Sants to step down in the summer

09 February 2010  |  941 views  |  0 Source: Financial Services Authority

The Financial Services Authority (FSA) today announces that Hector Sants will leave the organisation in the summer of 2010, after three years as chief executive officer (CEO).

Mr Sants said:

"When I was appointed I told the board that I planned to serve as CEO for three years, and I intend to stick to that timetable. 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. Moreover, I believe the FSA candidly examined the failings in financial regulation that contributed to the onset of the crisis, learned the lessons and has gone on to reform itself into a much stronger and better equipped organisation.

"The success of any regulatory structure depends on ensuring supervision is carried out by high-quality supervisors with sufficient resources and specialist support.

"I believe the FSA has made great strides in ensuring that such individuals are in place in the UK and I am sure that after I leave they will continue to do invaluable work to ensure financial stability and protect the interests of consumers."

Adair Turner, chairman of the FSA, said:

"Hector has given outstanding service and leadership through the turbulent last three years and has played a pivotal role in reforming the FSA into a truly effective organisation. He will leave behind an organisation with strong purpose and a clear strategy. We will be immensely sorry to lose him, but understand his decision to move on in the summer and wish him well in whatever he chooses to do after his departure. In the meantime, we will continue to work together to deliver the FSA's reformed and intensive supervisory approach and drive forward the global regulatory reform agenda."

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

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