On March 16 Hector Sants resigned as chief executive of the
Financial Services Authority (FSA). Many believe he was
frustrated by the progress of integrating the FSA into the Bank
of England (BofE).
Sants’ departure has created uncertainty around
who will become chief executive of the Prudential Regulatory
Authority (PRA). Andrew Bailey is mooted as Sants’
successor at the Prudential Business Unit in the FSA. This is
very similar to the imminent PRA so Bailey is expected to take
the permanent role. But beyond concerns...