On 16 March, the FSA published a press release to announce that Hector Sants, the current chief-executive (CEO) of the FSA, will be leaving on 29 June 2012.

Sants has been CEO since July 2007. Although announcing his resignation in 2010, he agreed to remain at the FSA to assist with the transition to the new regulatory structure. Andrew Bailey will take over Sants’ role when he leaves and will become head of the Prudential Business Unit too, the section of the FSA which mirrors the future Prudential Regulation Authority.

On 2 April, the FSA adopted the ‘twin peaks’ model, in anticipation of the split to the PRA and the Financial Conduct Authority due in 2013. It had been expected that Sants would become head of the PRA however, the Bank of England and HM Treasury have confirmed that they will now work together to appoint the first chief executive of the PRA, to take up the role in 2013.