The FSA Chief Executive Hector Sants has resigned and will leave the UK city regulator in the summer.

After 3 years in the position, Mr Sants will be handing over the reins to a new chief executive, one who will face a potential hurricane of change if the general election falls to the conservatives, and they implement the changes they have proposed. A poisoned chalice if ever there was one.

The outgoing FSA chief executive said in interview that it had always been his intention to leave the post after three years.

He added: “Of course, those three years have encompassed the most extraordinary circumstances for a financial regulator, and I am very proud of the manner in which the FSA rose to the challenge of dealing with such unprecedented turbulence across global financial markets.

“Moreover, 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.”

Adair Turner, chairman of the FSA, said: “Hector has given outstanding service and leadership through the turbulent last three years and has played a pivotal role in reforming the FSA into a truly effective organisation.

“He will leave behind an organisation with strong purpose and a clear strategy. We will be immensely sorry to lose him, but understand his decision to move on in the summer and wish him well in whatever he chooses to do after his departure.

“In the meantime, we will continue to work together to deliver the FSA’s reformed and intensive supervisory approach and drive forward the global regulatory reform agenda.”

All change at the FSA, in more ways than one.