Sants Appointed As FSA Chief Executive

by Robin Pilgrim, LawAndTax-News.com, London

19 July 2007

It has been announced that Hector Sants has been appointed chief executive of the Financial Services Authority (FSA). He will take up the post on Friday, succeeding John Tiner who will step down at the Annual Public Meeting today.

Mr Sants is currently managing director of wholesale and institutional markets at the FSA, which he joined in May 2004.

Callum McCarthy, chairman of the FSA, stated that:

"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."

Mr Sants added:

"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."

Prior to joining the FSA in 2004, Mr Sants worked at Credit Suisse First Boston, where he was chief executive of Europe, Middle East and Africa.

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