FSA chief executive officer to step down in the summer

[Amethyst]

FSA chief executive officer to step down in the summer


9 February 2010
The Financial Services Authority (FSA) today announces that Hector Sants will leave the organisation in the summer of 2010, after three years as chief executive officer (CEO).
Mr Sants said:
“When I was appointed I told the board that I planned to serve as CEO for three years, and I intend to stick to that timetable. 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. 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.
“The success of any regulatory structure depends on ensuring supervision is carried out by high-quality supervisors with sufficient resources and specialist support.

“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.”
Adair Turner, chairman of the FSA said:
“Hector has given outstanding service and leadership through the turbulent last three years and has played a pivotal role in reforming the FSA into a truly effective organisation. He will leave behind an organisation with strong purpose and a clear strategy. We will be immensely sorry to lose him, but understand his decision to move on in the summer and wish him well in whatever he chooses to do after his departure. In the meantime, we will continue to work together to deliver the FSA’s reformed and intensive supervisory approach and drive forward the global regulatory reform agenda.”
The board of the FSA will announce the process for deciding the succession to Hector Sants in due course.

[Tools]

Re: FSA chief executive officer to step down in the summer

And this was his actual resignation letter

Dear All,
You will this morning have seen the public announcement of my intention to leave the FSA in the summer.
When I joined I certainly never expected to stay six years nor that I would become CEO.
However, I consider myself privileged to have had such an opportunity and I would like to thank you all for your support during this period, particularly the challenge of the last three years.
I would particularly like to thank you for your achievements since the summer of 2007. I believe the FSA can be proud of both how it responded to the crisis and its willingness to learn and adapt. The professionalism and judgement exercised in this period is to the credit of us all.
The FSA is a wholly different organisation to that which existed pre-crisis with a new regulatory philosophy, a new operating model and culture. We can all take pride in that fact. I am convinced that the senior management leadership team that I have built up is well placed to take the organisation forward.
Thank you for your support and I look forward to working with you over the coming months.
Best Regards
Hector

[Guest]

Re: FSA chief executive officer to step down in the summer

Things differ from, not to. Idiot.

What is it he is so proud of since 2007?

[charitynjw]

Re: FSA chief executive officer to step down in the summer

http://www.telegraph.co.uk/finance/n...tor-Sants.html



No candidates will be put forward to succeed Hector Sants before the general election, leaving the Financial Services Authority facing a leadership vacuum for months.


By Helia Ebrahimi and Philip Aldrick
Published: 6:15AM GMT 10 Feb 2010


With a general election most likely in May, the Treasury has instructed the FSA not to begin the search for a successor until after the poll. The decision underlines the importance of the election in deciding the fate of the City regulator.
An incoming Conservative government has pledged to abolish the FSA, rendering a new chief executive redundant. But a Labour administration would keep the watchdog.

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With Mr Sants only remaining at the helm until the summer, the Treasury's decision means there would be no chief executive in place to handle the integration of the FSA with the Bank of England under the Conservatives.
One senior banker said: "It is very surprising he would resign at this point in time. The Tories will have preferred he waited until after the election. They are going to struggle to find anyone who can lead the FSA now."
FSA insiders said there were two clear candidates to succeed Mr Sants, should an appointment be made. Sally Dewar, managing director for risk, and Jon Pain, managing director for supervison, are the strong frontrunners. Both are widely respected within the regulator and beyond.
Ms Dewar, who was described by one senior banker as "head and shoulders above the rest", joined the FSA from the London Stock Exchange's Listing Authority in 2002 and rapidly progressed up the ranks. She was appointed as managing director of wholesale markets, the role Mr Sants held before his elevation to the top job, in January 2008.
When the regulator was restructured in late 2009, she took one of the two top jobs – as managing director of risk.
The other, managing director of supervision, went to Mr Pain. A former chairman of the Council of Mortgage Lenders, he joined the FSA in September 2008 as head of retail markets from Lloyds TSB – just before its ill-fated merger with HBOS.
By resigning from the regulator, Mr Santswill forgo any compensation. He was paid a £478,000 basic salary in 2008 and was entitled to a £130,000 bonus that he declined to take. He is expected to work until his third full term finishes, in July. He is not part of the FSA's pension scheme, but is paid roughly £50,000 a year extra as a contribution to his own pension arrangement.
Under FSA rules, he will have to serve six months of gardening leave from the date of his departure.