Uncertainty at FSA as chief resigns

After three of the worst years imaginable for a financial regulator, Hector Sants has stepped down as the chief executive of the FSA. His resignation will only add to the uncertainty that already clouds the authority.

Hector Sants has resigned as chief executive of the Financial Services Authority (FSA) after a three-year stint. He will leave in the summer. The FSA is to be stripped of its financial sector supervisory role, which will be submerged into the Bank of England, if the Tories win the general election.

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