Hector Sants has confirmed he will leave his post as chief executive officer of the Financial Services Authority (FSA) from this summer.

Sants today (9 February) said that he was only ever planning to serve for three years and he believes he has used his time at the regulator to the best of his ability.

The board of the FSA is scheduled to announce the process for appointing a successor later this year.

He said, ‘Of course, those three years have encompassed the most extraordinary circumstances for a financial regulator, and 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.

‘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.' 

Sants said that the success of any regulatory structure depends on ensuring supervision is carried out by high quality supervisors with sufficient resources and specialist support.

He added, ‘I believe the FSA has made great strides in ensuring that such individuals are in place in the UK and I am sure that after I leave they will continue to do invaluable work to ensure financial stability and protect the interests of consumers.’