Hector Sants, the FSA’s CEO, is to leave the organisation at the end of June 2012.
His last working day in the office will be 29 June. Upon his departure, Andrew Bailey will take over his role as head of the Prudential Business Unit (PBU) the part of the FSA mirroring the future Prudential Regulation Authority (PRA). Martin Wheatley will remain the head of Conduct Business Unit (CBU) and future CEO of the Financial Conduct Authority (FCA). Following Sant’s departure both will directly report to Lord Turner.
He announced his decision having del that he has completed the fundamental design and delivery of the changes needed to achieve the government’s plan to separate prudential and conduct financial regulation in the UK.
In February 2010, Sants announced his resignation and was due to step down as CEO of the FSA in the summer of 2010, after three years in the position. However, in June 2010 the new government announced its plans to change the UK’s financial regulatory framework from an integrated model to a twin peaks model, with prudential and conduct supervision to be carried out by two new organisations – the FCA and the PRA.
Sants was asked, and agreed, to stay on as CEO in order to deliver the government’s plans and to help achieve an orderly transition from the current system of regulation to the proposed future model.
Sants said: “When I agreed to stay on as CEO in 2010
