The Financial Services Authority's (FSA) chief executive Hector Sants has stepped down in a shock resignation, pouring more uncertainty on the institution's future.
Mr Sants, who has held a number of high-profile positions in the banking and finance sector, had been a strong advocate of financial reform prior to his departure.
However, Conservative calls for the abolition of the FSA in its entirety and the ongoing UK banking crisis plagued Mr Sants' tenure.
On announcing his decision to vacate the top job at the City watchdog, Mr Sants said: "I believe the FSA candidly examined the failings in financial regulation that contributed to the onset of the crisis, learned the lessons and has gone on to reform itself into a much stronger and better-equipped organisation."
His views were echoed by chairman of the FSA, Lord Adair Turner, who claimed that Mr Sants has left the organisation with a strong sense of purpose and "a clear strategy".
Yesterday, the FSA was criticised by business consultancy Threesixty for the amount of time it takes to authorise new businesses as a result of the increased number of checks the organisation now carries out.
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