In the email, Sants told staff: “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.”
Sants announced in February that he was to stand down as FSA chief executive this summer after three years in the role. He has previously clashed with the Tories over their proposal to scrap the FSA, move prudential regulation to the Bank of England and create a consumer protection agency.
A source close to the Conservative party says: “Sants could have waited until the next day, he did not have to send this email on election day. Our policies are well known.”
Philip J Milton & Company managing director Philip Milton, who stood as a Conservative candidate at the general election, says: “This was wholly inappropriate. It was obviously done to encourage a particular perspective to be taken by his staff.”
Sants’ email continued: “Regardless of whether the Conservatives have an outright majority or not, this will take time. The key thing is to continue to deliver on our current mandate and try not to be distracted from the important work that we do.”
He also told staff that he will reveal his leaving date and the arrangements for a successor by the end of May.
The FSA refused to comment on the email.
To read the full text of the email click here.