Hector Sants has confirmed market rumours that he will leave his position as chief executive officer at the Financial Services Authority (FSA) at the end of June 2012.
In a statement, the FSA said Sants is leaving having completed the changes needed to achieve the government’s plan for separate prudential and conduct financial regulation.
Sants’ last working day in the office will be the 29 June 2012. Andrew Bailey will take over his role as head of the Prudential Business Unit (PBU) the part of the FSA mirroring the future PRA.
Martin Wheatley will remain the head of Conduct Business Unit (CBU) and future CEO of the FCA. Following Hector’s departure both will directly report to Adair Turner.
Speaking on his departure, Hector Sants, said when he agreed to stay on as chief executive officer in 2010, it was to complete the orderly transition to a new regulatory structure.
He added: “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 PRA and FCA.
“I am proud of what the FSA has achieved during my time in charge, through what have been incredibly challenging times.
“I would like to thank all of my colleagues for their dedication, support and hard work. I know I leave the organisation in very capable hands.”
Adair Turner, chairman of the FSA, said the major reforms made within the FSA since the financial crisis and the progress in delivering the government’s plan would not have been possible without Hector.
He added: “He is a truly outstanding public servant of great integrity and has provided the FSA with dedicated leadership and focus through extremely turbulent times.”