FSA chief executive to step down

Chief executive of the Financial Services Authority (FSA) Hector Sants has announced he is to step down from his role this summer.

Mr Sants will leave the position after three years, but the FSA has yet to announce a successor, saying only that the process for deciding on a new chief executive will be revealed ’in due course’.

Chairman of the body Adair Turner praised Mr Sants for his work, the majority of which has taken place during the global economic crisis.

’Hector has given outstanding service and leadership through the turbulent last three years,’ he remarked, adding that he has helped create an organisation that has a ’strong purpose and a clear strategy’.

Mr Sants remarked that his stepping down is in accordance with a plan he made when he took the role, adding he informed the FSA board that he only intended to serve as chief executive for three years.

The FSA, which acts as a regulator to the UK’s financial services sector, announced last month that it is introducing changes to mortgage rules in a bid to reduce fraud.ADNFCR-2318-ID-19607765-ADNFCR