Chief executive of Financial Services Authority Hector Sants resigns

Hector Sants resigns as chief executive of Financial Services Authority (FSA)

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Tuesday, 09, Feb 2010 10:29

By Richard James.

Hector Sants has resigned as chief executive of the Financial Services Authority, it has been confirmed.

Mr Sants has been in his post for two and half years and announced his decision to step down last night, the Financial Times reports.

It remains unclear as to the reasons for his decision.

Mr Sants, who has worked for the financial regulator since 2004, has been a vocal advocate of banking reform in the UK in the wake of the devastating financial crisis.

He is expected to see out his six-month period of notice.

In a statement released on Tuesday, he said: "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 Conservatives have said they will abolish the FSA if they are voted into power at the next general election, transferring its power to the Bank of England.