UK finance watchdog chief quits

The head of City watchdog the Financial Services Authority is to step down in the summer, it was announced today.

The head of City watchdog the Financial Services Authority in the UK is to step down in the summer, it was announced today.

Hector Sants has resigned after three years as chief executive and the process to appoint his successor will be announced in due course, the regulator confirmed.

Mr Sants had been vocal in opposing plans by the Conservative Party to disband the FSA and hand greater powers to the Bank of England.

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