Sants to replace Tiner as chief executive of FSA

Money Marketing, Paul Mcmillan - 13-Jul-2007

http://www.moneymarketing.co.uk/cgi-bin/item.cgi?id=145815

FSA managing director Hector Sants is to replace John Tiner as chief executive of the regulator.

The news, first revealed by moneymarketing.co.uk this morning, has now been formally announced with Sants taking over the post on 20 July after Tiner steps down at the FSA’s Annual Public Meeting on 19 July.

Sants was the favourite internal candidate for the post ever since Tiner announced that he was resigning in January.

He is currently FSA managing director wholesale and institutional markets and joined the regulator in May 2004 from Credit Suisse First Boston where he was chief executive officer of Europe, Middle East and Africa.

He joined CSFB in 2000 when the firm merged with Donaldson, Lufkin & Jenrette.

He was also a member of the Financial Services Practitioner Panel and was previously a board member of the London Stock Exchange.

FSA chairman Callum McCarthy says: “I am delighted that Hector has emerged as the clear choice from a strong field of internal and external candidates. We conducted a very thorough search, and we believe Hector's combination of financial services industry experience, intellectual engagement and leadership skills best equips him to lead the FSA.”

Sants says: “I am privileged to have the opportunity to take the FSA through the next phase of its development. John Tiner and his senior management team have laid out a clear path for the future of the organisation. I plan to continue that agenda, ensuring that the FSA itself - and crucially its people - are well-equipped to deal with the complex and constantly changing financial services industry.

"I firmly believe in the risk-based and more principles-based approach the FSA has pioneered and I will work with the industry to ensure that market solutions deliver the best outcomes for all stakeholders, with a particular focus on consumers."

Economic secretary to the Treasury Kitty Ussher says: “I am pleased with the appointment of Hector Sants as Chief Executive of the FSA. His extensive knowledge and experience of the financial services market and the FSA will be invaluable in driving forward the implementation of principles based regulation.”