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Email from Hector Sants to FSA staff

Dear Colleague,

This General Election has proved one of the most interesting in recent years and I imagine many of you will be following developments overnight and in the morning closely

In advance of any result, I want to repeat the message that Adair and I have given you on a number of occasions. Whatever the outcome of the Election, the most important thing for all of us is to do our jobs well and to continue to deliver the commitments set out in our Business Plan.

If the Conservatives form the next government, we know it is their intention to make changes to UK regulatory structure. However, it will undoubtedly take time for them to develop the next stage of their thinking.

As you know, ExCo and the Chairman are monitoring developments and are closely engaged with HM Treasury and Government. We will keep you informed as the situation develops but please understand that this is likely to take some time. You should not expect immediate overnight developments.  

Regardless of whether the Conservatives have an outright majority or not, this will take time. The key thing, as I have said, is to continue to deliver on our current mandate and try not to be distracted from the important work that we do.

As soon as there is further clarity on any changes we will let you know as much as we can on likely timing and process. Meanwhile, irrespective of the outcome of the Election, we will make internal and external announcements by the end of May on my leaving date and on the arrangements for succession.

Regards, Hector

May 6, 2010.

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