By Caroline Binham Feb. 9 (Bloomberg) — Hector Sants , the chief executive officer of Britain’s financial regulator, said he will leave the agency later this year. Sants, CEO of the Financial Services Authority since July 2007, will step down by the end of the summer, the regulator said in a statement. “When I was appointed I told the board that I planned to serve as CEO for three years, and I intend to stick to that timetable” said Sants, 54, in the statement. “Those three years have encompassed the most extraordinary circumstances for a financial regulator, and I am very proud of the manner in which the FSA rose to the challenge of dealing with such unprecedented turbulence across global financial markets.” Sants’s resignation comes at a key time for regulation both in the U.K. and across the world, where policy makers are trying to grapple with rules in the wake of the worst financial crisis in a generation. The opposition Conservative lawmakers in the U.K. have pledged to abolish the FSA and carve up its duties should they win this year’s election. They say the FSA’s lax oversight of banks contributed to the crisis. To contact the reporters on this story: Caroline Binham in London at cbinham@bloomberg.net
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U.K. Financial Services Authority CEO Hector Sants to Step Down This Year
