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09/02/2010
City Finance Chief Steps Down
The UK's most senior financial regulator is to step down, it was confirmed today.
Hector Sants said he plans to leave the Financial Services Authority in the summer following three years at the helm of the city watchdog.
He presided over the FSA during the recession, and fended off criticism of his role in controlling rogue banking practises.
In a statement Mr Sants 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."
Mr Sants led a recent fightback against risk-taking banks, pledging to ensure financial institutions remained "very frightened" of the regulator.
He joined the FSA in 2004 after working at investment bank Credit Suisse First Boston.
(PR/BMcC)
Hector Sants said he plans to leave the Financial Services Authority in the summer following three years at the helm of the city watchdog.
He presided over the FSA during the recession, and fended off criticism of his role in controlling rogue banking practises.
In a statement Mr Sants 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."
Mr Sants led a recent fightback against risk-taking banks, pledging to ensure financial institutions remained "very frightened" of the regulator.
He joined the FSA in 2004 after working at investment bank Credit Suisse First Boston.
(PR/BMcC)
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Government Publishes Draft Legislation For Tax Changes
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