The chief executive of the FSA had been due to leave this summer but is to become the first new deputy governor of the Bank of England and chief executive of the new ‘prudential regulator’ charged with regulating banks and other financial institutions. Andrew Bailey, currently chief cashier at the Bank of England, will become his deputy in the new regulator.
John Charcol’s Ray Boulger commented: “There had been strong rumours following Hector Sants’ announcement earlier this year of his resignation from the FSA that he would be joining the Bank of England and so Mervyn King’s announcement that Hector has agreed to remain at the FSA and then move to the Bank to become the first chief executive of the new prudential regulator is no great surprise.”
