Kitty Ussher, City Minister, welcomes the appointment of Hector Sants as new Chief Executive of FSA

The Economic Secretary today welcomed the appointment of Hector Sants as the new Chief Executive of the Financial Services Authority (FSA), and confirmed his appointment to the FSA Board in this capacity.

Mr Sants, who is currently Managing Director, Wholesale and Institutional Markets at the FSA, will take up post as CE on 20 July 2007.

Welcoming the appointment, the Economic Secretary Kitty Ussher said:

"I am pleased with the appointment of Hector Sants as Chief Executive of the FSA. His extensive knowledge and experience of the financial services market and the FSA will be invaluable in driving forward the implementation of principles based regulation."

Notes for editors

The Board of the FSA is appointed by HM Treasury in accordance with the rules of the Office of the Commissioner for Public Appointments. A list of the current membership of the Board is attached.
Hector Sants was appointed as Chief Executive by the FSA. The Treasury is responsible for appointing the Chief Executive to the Board of the FSA. He has been Managing Director of the Wholesale and Institutional Markets Directorate at the FSA since 2004. He joined the FSA from Credit Suisse First Boston where he was Chief Executive Officer of Europe, Middle East and Africa.
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List of current FSA board members

Sir Callum McCarthy	Chairman	Joined the FSA in September 2003 from the Office of Gas and Electricity Markets where he was Chairman and Chief Executive.
Dame Deirdre Hutton	Deputy Chairman Non-executive Board member	Joined the FSA Board in December 1997 and was appointed Deputy Chair on 1 April 2004. She is Chair of the Food Standards Agency and Vice Chair of the European Food Safety Authority and a former Chair of the National Consumer Council and the Scottish Consumer Council. Deirdre was a member of the Better Regulation Task Force until June 2005. Steps down in December 2007.
John Tiner	Chief Executive Officer	Appointed FSA Chief Executive in September 2003. He joined the FSA in April 2001 as Managing Director of Consumer, Investment and Insurance Directorate following a broad-ranging career at Arthur Andersen. Due to step down on 19 July 2007.
Clive Briault	Managing Director, Retail Markets	Appointed Managing Director of Retail Markets in April 2004. He has overall responsibility for the FSA's extensive retail agenda and regulation of firms or groups whose business is predominantly at the retail end of the market.
David Kenmir	Managing Director, Regulatory Services	Appointed Managing Director of Regulatory Services in April 2004. He leads in the provision of a range of services to consumers, existing firms and firms seeking authorisation, as well as meeting the FSA's own operational requirements in areas such as IT and knowledge management.
Hector Sants	Managing Director, Wholesale and Institutional Markets	Joined the FSA as a Managing Director in May 2004 from Credit Suisse First Boston. He is responsible for the FSA's regulation of the wholesale and institutional markets.
Sir James Crosby	Non-executive Board member	Joined the FSA Board in January 2004. He is also a Non-executive Director of ITV plc, a Fellow of the Faculty of Actuaries and the Chair of the Public Private Forum on Identity Management, and was formerly Chief Executive of HBOS Plc.
Karin Forseke	Non-executive Board member	Joined the FSA Board in December 2004. She was Chief Executive of D. Carnegie & Co AB from 2003 until March 2006.
Peter Fisher	Non-executive Board member	Joined the FSA Board in January 2007. He is currently a Managing Director of BlackRock, Inc., and Chairman of BlackRock Asia.
Brian Flanagan	Non-executive Board member	Joined the FSA Board in January 2007. He is a Non-executive Director of WM Morrison plc, Jet Environmental Techniques Limited and Personal Navigation Systems Limited and was formerly a Vice President of Mars Inc.
Sir John Gieve(ex-officio post)	Non-executive Board member	Joined the FSA Board when he became Deputy Governor, Financial Stability of the Bank of England in January 2006. He is a member of the Bank's Monetary Policy Committee, and in addition has specific responsibility for the Bank's work on Financial Stability issues. Before joining the Bank of England He was the Home Office Permanent Secretary from April 2001.
Professor David Miles	Non-executive Board member	Joined the FSA Board in April 2004. He became Managing Director and Chief UK Economist at Morgan Stanley in October 2004 and retains the role of visiting Professor of Financial Economics at Imperial College, University of London.
Michael Slack	Non-executive Board member	Joined the FSA Board in December 2004. He is Chairman of the Fyfe Group Ltd and a Director of the British Insurance Brokers' Association (BIBA).
Hugh Stevenson	Non-executive Board member	Joined the FSA Board in June 2004. He is Chairman of Equitas Limited, Chairman, The Merchants Trust Plc and a non-executive director of Standard Life Plc.