Hector Sants, CEO of the U.K.'s Financial Services Authority, will resign at the end of June, according to an FSA spokesman.
Mr. Sants will not be replaced. Further information about his plans was not available.
His resignation coincides with the timing of the U.K. government's plan to split the FSA into two divisions — the Financial Conduct Authority, which will have regulatory authority over markets and consumer protection; and the Prudential Regulation Authority, which will supervise financial institutions.
Upon Mr. Sants' departure, Andrew Bailey is expected to be appointed as head of a unit that will become the PRA after parliamentary approval. Mr. Bailey is executive director for banking services and chief cashier at the Bank of England.
Martin Wheatley will remain as managing director of the division that will become the FCA following parliamentary approval, which is expected in early 2013.
Before he joined the FSA in 2004, Mr. Sants was CEO of Europe, Middle East and Africa at Credit Suisse First Boston, now Credit Suisse Group. He led the agency through the 2008-'09 financial crisis banking crisis and subsequent reforms that followed.
In February 2010, Mr. Sants tried to resign but was persuaded to stay on board as the government announced plans to restructure the FSA.
“The project is now firmly on track,” Mr. Sants said in a news release about his resignation. “Now is the right time to hand over to those who will deliver the long-term goals of the future PRA and FCA.”
Efforts to reach Mr. Sants were unsuccessful.
