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FSA/PN/086/2007
13 July 2007

Hector Sants has been appointed chief executive of the Financial Services Authority (FSA). He will take up the post on 20 July 2007, succeeding John Tiner who steps down at the Annual Public Meeting on 19 July.

Hector 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, said:

"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."

Hector Sants said:

"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."

Notes to editors

1. Hector Sants, 51, joined the FSA in May 2004 from Credit Suisse First Boston where he was chief executive of Europe, Middle East and Africa. He joined CSFB in 2000 when the firm merged with Donaldson, Lufkin & Jenrette and was a member of CSFB's Executive Board. He was a member of the Financial Services Practitioner Panel and was previously a Board member of, among other bodies, the SFA and the London Stock Exchange. He is married with three children and lives in Oxford.
2. He replaces John Tiner who was appointed chief executive of the FSA in September 2003.
3. The FSA regulates the financial services industry and has four objectives under the Financial Services and Markets Act 2000: maintaining market confidence; promoting public understanding of the financial system; securing the appropriate degree of protection for consumers; and fighting financial crime.
4. The FSA aims to promote efficient, orderly and fair markets, help retail consumers achieve a fair deal and improve its business capability and effectiveness.