Hector Sants is to step down from his position as chief executive officer at the Financial Services Authority (FSA) in the summer.

Following three years of service in this post, Sants will leave the organisation, and the FSA will announce the process for choosing a successor in due course.

"When I was appointed I told the board that I planned to serve as CEO for three years," explained Sants, "and I intend to stick to that timetable. Of course, those three years have encompassed the most extraordinary circumstances for a financial regulator, and I am very proud of the manner in which the FSA rose to the challenge of dealing with such unprecedented turbulence across global financial markets."

Sants added that he believes that the FSA "candidly examined the failings in the financial regulation that contributed to the onset of the crisis" and went on to learn lessons from this, choosing to reform into "a much stronger and better equipped organisation."

In his statement, Sants highlighted the importance of high-quality supervisors with sufficient resources and specialist support when ensuring success in any regulatory structure, and said the FSA has strived to ensure that such individuals are in place in the UK. "I am sure that after I leave they will continue to do invaluable work to ensure financial stability and protect the interests of consumers."

Chairman of the FSA, Adair Turner, added: "Hector has given outstanding leadership through the turbulent last three years and has played a pivotal role in reforming the FSA into a truly effective organisation. He will leave behind an organisation with strong purpose and a clear strategy."

Turner said the FSA will continue to work to deliver its reformed and intensive supervisory approach, and "drive forward the global regulatory reform agenda".

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