The chief executive of the Financial Services Authority (FSA), Hector Sants, has announced he is to resign in June.It means he will not take up his planned role as boss of the new the Prudential Regulation Authority (PRA).
The FSA will be replaced in 2013 by two bodies. The PRA, part of the Bank of England, will regulate financial firms and the Financial Conduct Authority (FCA) will oversee consumer protection.
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