FSA appoints new chief executive

by Gill Montia

Story link: FSA appoints new chief executive

The Financial Services Authority (FSA) has appointed a new chief executive who will replace John Tiner, in late July.

The new regulator, Hector Sants, is currently Managing Director, Wholesale and Institutional Markets at the FSA.

As such he has responsibility for all regulated markets, the operation of the UK Listing rules and regulation of firms or groups which conduct primarily wholesale or institutional market business between professionals.

Mr Sants joined the FSA in May 2004 from Credit Suisse First Boston where he was Chief Executive Officer of Europe, Middle East and Africa and gained extensive experience of the wholesale markets both in the UK and internationally.

The change comes at a time of heightened anxiety in global financial markets and amid concerns that a slowdown in the UK economy could leave banks and other City institutions facing difficult times.

Mr Sants has pledged to continue the work of the FSA in protecting consumers. He believes in the risk-based and more principles-based approach that the FSA has pioneered in recent years and this position will be supported by the Treasury, which is keen to see the implementation of principles based regulation across the financial sector.