Hector Sants to step down from FSA
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Hector Sants is set to leave the FSA in the summer, after three years as chief executive.
In a statement, released this morning, Sants says he only ever intended to stay in the role for a three year term.
Sants was considered to be in the running to become Bank of England deputy governor under a Conservative government, despite his outspoken attack on Tory plans to disband the FSA and pass prudential regulation to the Bank of England.
Sants says: “When I was appointed I told the board that I planned to serve as chief executive 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.”
Chairman Adair Turner says: “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 FSA board will announce the process for finding a successor in due course.
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Readers' comments (46)
Man in Black | 9 Feb 2010 10:31 am
“He will leave behind an organisation with strong purpose and a clear strategy."
Nope. He'll leave behind an organisation riddled with a sorry history of blunders, that is institutionally incompetent and that will be chopped within a year or two.
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Anonymous | 9 Feb 2010 10:35 am
Good riddance to bad rubbish
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PensionMan | 9 Feb 2010 10:36 am
"Proud of the way the FSA rose to the challenge"??
What planet is this man on - he is clearly delusional!
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Incompetent Regulators Awards Team | 9 Feb 2010 10:37 am
The sooner the whole of the FSA staff disappear the better for everyone. For both industry and the consumer as they have done nothing to help to help the public to take personal responsibility with their finances. In fact they are the instigators of scaremongering. Goodbye QUANGO!
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How funny!! | 9 Feb 2010 10:40 am
Errr ...[AT]: '... leave behind an organisation with strong purpose and a clear strategy ...' & [HS]: '... they will continue to do invaluable work to ensure financial stability and protect the interests of consumers ... ' - are you sh***ing me??
Oops, sorry - it has - to ensure that the Banks take over from IFAs and screw over consumers big time!! After all when did the FSA chase the over-complained-about banks??
Lemme guess, is he off to a highly paid banking/consultancy/quango job ??
Oh, and his successor ... ... another Banker/former Banker ... ... ??
Joy!!
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Anonymous | 9 Feb 2010 10:40 am
"Hector has given outstanding service and leadership... "What utter tosh! The man was responsible for a regulatory process that allowed the UK financial system to slide down a black hole, solely because it was not being properly regulated. Fred the shred was a minor party in terms of responsibility when compared to the leading figures at the FSA. Off now for a fat taxpayer funded pension. Good Lord, what next.
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Anonymous | 9 Feb 2010 10:41 am
I hear Peter Stringfellow is being touted to take over.....
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Anonymous | 9 Feb 2010 10:42 am
He is the man who has kept 200 honest Park Row advisers off the road for 3 months causing widespread misery to many.
The FSA are a joke
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Steve Garner | 9 Feb 2010 10:42 am
Excellent news. Sants and his woeful organisation have much responsibility for the awful mess this country's economy and financial system are in.
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Harrow Downtrodden | 9 Feb 2010 10:45 am
Well, well Hector will be soon working for one of the Banks, as he knows, he's made them the most powerful Financial Institutions in the UK.
With all the new rules driving business to them. Another job for the Boys.
I hope he's happy with the way he's stiffled the life out of the small IFA.
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