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| Head of City regulator steps down | Head of City regulator steps down |
| (21 minutes later) | |
| Hector Sants, the chief executive of the Financial Services Authority (FSA), has announced he is to step down as head of the City regulator. | Hector Sants, the chief executive of the Financial Services Authority (FSA), has announced he is to step down as head of the City regulator. |
| Media reports suggested he resigned unexpectedly last night. | Media reports suggested he resigned unexpectedly last night. |
| But in a statement Mr Sants said he would leave in the summer, as planned, after three years in the job. | But in a statement Mr Sants said he would leave in the summer, as planned, after three years in the job. |
| Mr Sants has been chief executive throughout the credit crisis, a period which he described as "extraordinary circumstances" for the FSA. | |
| "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," Mr Sants said. | "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," Mr Sants said. |
| "Moreover, I believe the FSA candidly examined the failings in financial regulation that contributed to the onset of the crisis, learned the lessons and has gone on to reform itself into a much stronger and better equipped organisation." | "Moreover, I believe the FSA candidly examined the failings in financial regulation that contributed to the onset of the crisis, learned the lessons and has gone on to reform itself into a much stronger and better equipped organisation." |
| The regulator was subject to criticism for failing to prevent the credit crisis by restricting risk-taking at banks such as Northern Rock which built up huge liabilities. | |
| Mr Sants led the fightback and oversaw an overhaul of banking regulation, saying banks "should be very frightened" of the regulator. | |
| He has worked at the regulator since 2004 when he joined from investment bank Credit Suisse First Boston. |