Will the FSA step up regulation as Sants steps down?
On 9 February 2010, the Financial Services Authority (FSA) announced that Hector Sants, the FSA's CEO, will stand down in the summer. He will have held the role for three years in July, leading the FSA through a time of extraordinary challenges for financial institutions and their regulators alike. As yet, Sants' successor has not been selected, but financial institutions, their advisers and commentators are wondering what impact a change of leader might have on the FSA's policies and approach to regulation.
February 17, 2010 at 07:04 PM
4 minute read
On 9 February 2010, the Financial Services Authority (FSA) announced that Hector Sants, the FSA's CEO, will stand down in the summer. He will have held the role for three years in July, leading the FSA through a time of extraordinary challenges for financial institutions and their regulators alike. As yet, Sants' successor has not been selected, but financial institutions, their advisers and commentators are wondering what impact a change of leader might have on the FSA's policies and approach to regulation.
As a consequence of the financial crisis, the scope and nature of regulation in the financial sector will be deeply influenced by political issues at UK, European and international levels. The FSA will have to negotiate this over the next few years but its own approach to regulation and its relationship with regulated firms is likely to be influenced more by Sants' successor.
In the past, the approach to regulation and enforcement of the FSA has been contrasted with the aggressive enforcement-led approach taken by the US Securities and Exchange Commission. Sants has indicated that the FSA should not be viewed as having a soft touch and has pursued strategies designed to change the perception of the FSA, with the aim that it is viewed as a regulator to be feared by those who commit misconduct within the financial sector.
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