Hector Sants has revealed that he will be stepping down from his position as chief executive of the Financial Services Authority (FSA) later this year after his three-year tenure comes to an end. The former investment banker has presided over what has been the most difficult financial situation in the UK for decades and managed to retain his reputation and his cool throughout.

While the rumour mill has already gone into overdrive regarding political considerations, fallout from the Bank of England and other such innuendo the truth seems to be that after three years at the helm now is the time to move on. There is also the fact that the Conservative party is suggesting a radical shakeup of the UK regulatory regime which could see the FSA disbanded or become part of a larger regulatory body.

Over the last few months the profile of the FSA has grown with more prosecutions, investigations and general comments about the UK financial sector and various regulatory issues. Who will take on the role of chief executive in the future remains to be seen but no doubt the leading contenders will make themselves known in the weeks and months ahead.

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