UK's financial regulator announces plan to resign

Britain's top financial regulator said yesterday he planned to step down, surprising the markets and casting doubt over the future of the Financial Services Authority and broader banking reform.

Britain's opposition Conservative Party, tipped in the polls to win the next election expected in May, has said it wants to abolish the financial authority and hand its banking supervisory powers to the Bank of England, saying it failed to spot problems ahead of the financial crisis.

The regulator said Hector Sants, who will leave in July, had always planned to hold the chief executive post for only three years, but did not outline a succession plan.

It said Sants' successor would be announced in due course.

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