LONDON (MNI) – Hector Sants, the chief executive of the Financial
Services Authority and the man who was set to become Deputy Governor of
the Bank of England, is standing down, the FSA announced Friday.
Sants had been cited in some media reports as a possible successor
to BOE Governor Mervyn King, but it appears he is calling a halt to his
regulatory role in the UK. The FSA will be folded into the BOE, but
Sants will not now take up the Deputy Governorship at the central bank,
an FSA spokesperson confirmed.
King said “I am sad that Hector Sants has decided to stand down. I
am very grateful to him for staying on for longer than he had planned.”
The BOE said it would work with the Treasury to searching for the
chief executive for the new Prudential Regulation Authority (PRA) and
this person will become BOE Deputy Governor with responsibility for
Prudential Regulation.
Contact; drobinson@marketnews.com; tel: +44 207 862 7491
[TOPICS: M$B$$$,M$BDS$,MABDS$]
