New FSA boss backs principles-based regulation
Hector Sants has been appointed head of the UK’s Financial Services Authority (FSA), three years after joining the regulator from the private sector. He will take over from outgoing CEO John Tiner on Friday.
A former CEO for Credit Suisse First Boston’s Europe, Middle East and African operations, Mr Sants has been the FSA’s wholesale and institutional markets MD since May 2004.
Mr Sants says he is eager to take the FSA into its “next phase of development” through the introduction of principles-based regulation.
“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,” he said.
A former CEO for Credit Suisse First Boston’s Europe, Middle East and African operations, Mr Sants has been the FSA’s wholesale and institutional markets MD since May 2004.
Mr Sants says he is eager to take the FSA into its “next phase of development” through the introduction of principles-based regulation.
“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,” he said.