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FSA chief to stand down
11th February 2010 at 12:13:38 by Civil Service World
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The head of the Financial Services Authority (FSA) is to step down in six months’ time.
Hector Sants, a former Credit Suisse banker who has been a vocal opponent of Conservative suggestions that the FSA should be abolished, announced his decision yesterday.
The authority was heavily criticised for not preventing the banking crisis, and Sants has since promised to introduce a more intrusive regime – but the Tories have said they would prefer to close the FSA and give more powers to the Bank of England.
Meanwhile, the Audit Commission has announced that corporate services director Eugene Sullivan will take over from chief executive Steve Bundred on an interim basis from March.