On 9 February 2010, Hector Sants, chief executive of the Financial Services Authority (FSA), announced that he would leave the organisation in the summer of 2010.

The board of the FSA has not yet announced the process for deciding the succession to Mr Sants. However, the Conservatives have announced that if they win the next general election, which must take place on or before 3 June this year, they plan to dismantle the UK's current tripartite regulatory structure and abolish the FSA (see previous blog here).

In a press release, Mr Sants said that his decision was in accordance with the plans he announced to the board on his appointment to serve as chief executive for three years. To see the press release from the FSA, please click here.