The Government has been left in frenzy and its plans to overhaul the financial regulation have been thrown in disarray after the Financial Services Authority's chief executive Hector Sants quit yesterday unexpectedly.
All the pleading done by the Chancellor, George Osborne, to make sure that Mr. Sants does not leave the City regulator until the new regime is set up has gone in vain. Now, the government would have to come up with radical procedures in order to come out of this mess of banking crisis.
Mr. Sants has now moved on to the post that he was assigned as the designated head of the Prudential Regulation Authority. Experts are calling it an unprecedented move as it is clear that this would churn up the confusion a little more. After putting so much effort and resigning at the moment has just put the whole work half done. After seeing this move, many MP are criticizing Mr. Sants over his suitability to run new PRA.
But, there are people who have admired his work done till date. Adair Turner, the FSA's chairman, was disappointed to see him leave, but appreciated all that he had done for the sector over the last eight years.
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