–Adds Detail To Version Transmitted At 1107 GMT
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 career in the UK. Sants will not now take up the Deputy
Governorship at the central bank that would have been his, an FSA
spokesperson said.
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.”
Sants had talked about leaving back in 2010 but was asked to stay
on. The UK government is shaking up the UK financial regulatory system.
The FSA’s role will be taken on by two new bodies, the Financial
Conduct Authority and the Prudential Regulation Authority. These will
fall under the BOE umbrella and if Sants had stayed on, he would have
automatically become one of three deputy governors at the bank.
The BOE said it would work with the Treasury to search for the
chief executive for the new PRA and this person will become BOE Deputy
Governor with responsibility for Prudential Regulation, with the
position becoming live when the PRA comes into existence in 2013.
Hector Sants will leave the FSA at the end of June this year,
having been CEO for five years, the FSA said. King’s term at the BOE
comes to an end in mid-2013.
Contact; drobinson@marketnews.com; tel: +44 207 862 7491
[TOPICS: M$B$$$,M$$BE$]
