Today, the U.K. Financial Services Authority (FSA) announced that Mr. Hector Sants would resign from his position as CEO this upcoming summer after serving in this capacity for the last three years. Mr. Sants stated that his time at the FSA has “encompassed the most extraordinary circumstances for a financial regulator.” He also noted that the FSA “rose to the challenge of dealing with such unprecedented turbulence across global financial markets” and effectively “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. Adair Turner, chairman of the FSA, applauded Mr. Sants’ leadership and outstanding service exhibited during his term and emphasized that he "played a pivotal role in reforming the FSA into a truly effective organisation." The FSA board has not yet decided who will be Mr. Sants’ successor.