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FSA Chief Departure Puts UK Agency In Jeopardy
No one knows whether FSA has a future after Hector Sants's impending resignation.
His impending departure leaves the regulator in a fix. No one knows whether the FSA even has a future: The Conservatives have vowed that if they triumph in the coming election, they will abolish the agency and make the Bank of England responsible for all regulatory oversight.
Sants decision startled many in the City who admire his stoicism in the face of considerable heat. He did help the FSA change certain elements of its approach and become more rigorous and intrusive, says Julian Korek, co-founder of Kinetic Partners.