Commenting on the move, Jérôme de Lavenère, founder and CEO of Laven Partners, said the regulator lacked a clear vision for a future without Sants, and that the Conservatives had failed to provide a clear alternative for the FSA.
“Last year showed huge improvement in market conditions, but we are far from clear of the economic crisis,” he said. “Market participants need reassurance and stability from the government and regulators. This is vital if we are to protect our position as a leading global financial centre.”
Despite the continued criticism the FSA received from the Conservatives, shadow chancellor George Osbourne told PM: “In the many dealings I have had with Hector Sants, I have found him to be an intelligent, diligent and committed public servant.
“He steered the FSA through very difficult times and deserves credit.”
The announcement may further impact the UK’s power to negotiate as global regulators debate more stringent guidelines. It is unclear whether the regulator will be able to attract suitable candidates to succeed Sants for what may only be an interim period. The announcement of the departure made no mention of a successor.
Martin Bamford, managing director of financial planners Informed Choice, said: “In terms of his replacement, there could be no role to be filled. When Sants goes in the summer, we would have had a general election and potentially there could be no FSA.”
