Business And Leadership: Head of UK City watchdog resigns

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Head of UK City watchdog resigns

09.02.2010
The Chief Executive of the UK Financial Service Authority (FSA) Hector Sants has resigned.

Sants (pictured) will step down from the top position with the City’s financial watchdog this summer, following three years at the helm.

The shock move comes as the financial regulators worldwide, and the UK not least among them, seek to hammer out a new model of national and global financial regulation.

“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,” Sants said in a statement, adding that he was “very proud of the manner in which the FSA rose to the challenge of dealing with such unprecedented turbulence across global financial markets”.

“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,” he said.

The Chairman of the FSA Adair Turner thanked Sants for his “outstanding service and leadership throughout the turbulent last three years”, and credited him with playing a pivotal role in reforming the FSA into “a truly effective organisation”.

“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,” Turner added.

The FSA said its board will announce the process for deciding Sants’ successor in due course.