FSA Chief to Depart in June

Hector Sants, the chief executive of the UK Financial Services Authority (FSA), has announced his intention to leave the body at the end of June 2012.

Sants initially tendered his resignation in February 2010, but after the government announced plans for the division of the UK's financial regulatory authorities, he was asked to stay on in order to oversee the transition. Having completed the fundamental work necessary to separate the prudential and conduct-related aspects of regulation in the country, Sants will now depart the FSA on 29 June 2012.

"When I agreed to stay on as CEO in 2010, I committed to stay and deliver an orderly transition to the Government's new regulatory structure," says Sants. "The project is now firmly on track and with the establishment of twin peaks within the FSA I will have achieved that goal. Now is the right time to hand over to those who will deliver the long term goals of the future Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA)."

The FSA will separate internally on 2 April 2012, with its twin functions mirroring the future operation of the PRA and FCA. The precise operational date of the two aspects as separate entities is subject to the UK Parliamentary process, but is tentatively expected in 2013. Andrew Bailey will take over Sants' role in the Prudential Business Unit (PBU), while Martin Wheatley remains head of the Conduct Business Unit (CBU) and the future chief executive of the FCA. Both report directly to Lord Adair Turner, the chairman of the FSA.