Hector Sants is to stand down from his job as chief executive officer of the Financial Services Authority (FSA).

Hector Sants is to stand down from his job as chief executive officer of the Financial Services Authority (FSA).

He will depart this summer following three years in the role in line with the timeframe he set himself during his appointment.

The FSA grew during the economic downturn and learnt from the failings in financial regulation, becoming stronger and better equipped as a result, Mr Sants claimed.

He added that he is proud about how the organisation dealt with the challenges created by the financial crisis.

Mr Sants stated: "The success of any regulatory structure depends on ensuring supervision is carried out by high-quality supervisors … I believe the FSA has made great strides in ensuring that such individuals are in place in the UK."

Earlier this month, the FSA held a fifth meeting with the US Securities and Exchange Commission covering the regulation of hedge funds, investment advisors and consumer assets.