Hector Sants, the head of the Financial Services Authority (FSA), has resigned and will leave the organisation at the end of June.
The organisation added that the Bank of England's Andrew Bailey would take over Sant's role in running the part of the FSA that will become Britain's future Prudential Regulatory Authority (PRA) body.
This is the second time that the former investment banker has announced his intention to leave. In February 2010, Hector announced plans to step down as CEO of the FSA in the summer of 2010, after three years in the position. However he stayed on to oversee the breakup of the organisation.
In June 2010 the coalition government announced plans to change the UK’s financial regulatory framework from an integrated model to a twin peaks model, with prudential and conduct supervision to be carried out by two new organisations - the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA).
Sants was asked to stay on as CEO in order to deliver the Government’s plans and to help achieve an orderly transition from the current system of regulation to the proposed future model.
“When I agreed to stay on as CEO in 2010, I committed to stay and deliver an orderly transition to the Government’s new regulatory structure. The project is now firmly on track and with the establishment of twin peaks within the FSA I will have achieved that goal," Sants said.