Hector Sants has resigned as chief executive of the Financial Services Authority, sowing confusion about the direction of financial regulation.
The CEO, who will stay at the FSA until the summer, has been outspoken in his criticism of Conservative proposals to dismantle the agency. He described the Tory plan to give the FSA’s supervisory role to the Bank of England and spin out consumer protection responsibilities to a new agency as a distraction that could lead to a “turf war”.
Regulation is not perfect, we know.
Seeking to undermine it before you reach office is a coup few achieve – but Osborne has.
It’s a sign of the mayhem and incompetence to come.
And let’s be honest – how can a man whose sole work experience is a year at Tory Central Office really be expected to have any management competence?