Last week, Sants announced that he will step down this summer, after sticking to his timetable of three years in the role.
Lord Adair Turner, chairman of the FSA, congratulated Sants on the pivotal role which he played in reforming the FSA into an effective organisation following the financial crisis.
He said: “He will leave behind an organisation with strong purpose and a clear strategy. We will continue to work together to deliver the FSA’s reformed and intensive supervisory approach and drive forward the global regulatory reform agenda.”
Paul White, consultant at Belgravia Insurance Consultants, said he did not blame Sants for the crisis as he inherited a poisoned chalice and oversaw a very volatile period in the financial sector.
He added: “I hope the new person understands the adviser community, because we need to improve the lines of communication between the regulator and those it seeks to regulate.”
Fahim Antoniades, group director at Mortgage Centre IFA, said he was surprised that Sants had decided to leave and speculated that his decision may have been for political reasons.
He added: “There has been uncertainty surrounding the future of the FSA so he may have felt the time was right. He will be remembered for showing that the FSA had some teeth, and he had the best interests of advisers at heart.”
