Peter Smith today became the latest in a series of high profile departures from the Financial Services Authority (FSA) over the past few years.
With the Retail Distribution Review (RDR) and break-up of the regulator have been going on in the background, these big names decided it was the best time to move on, in most cases to more lucrative opportunities.
Dan Waters - December 2010
Waters, the former director of conduct risk and asset management sector leader, announced his departure was announced towards the end of 2010 after he decided he could not make the necessary long-term commitment through the set-up of the new regulatory regime.
He had previously been head of retail policy and was therefore one of the masterminds of the RDR. He is now managing director of ICI Global, a trade body set up last year focusing on the Global Fund Industry
The big names who left the FSA
Jon Pain - January 2011
Left as head of supervision in 2011 after he decided there would not be a suitable role for him in the restructured organisation. Having joined in September 2008, he was responsible for developing the new regulatory approach after the financial crisis.
He moved on to KPMG in July as head of financial services within the risk consulting division.
Sally Dewar - May 2011
The former managing director of risk and board member left the FSA last year after three years in the role, having originally joined in 2002. Dewar had been responsible for all regulated markets, including the regulation of firms ranging from banks to asset managers.
She moved on to JPMorgan Chase as a managing director.
Katharine Leaman - August 2011
Formerly manager of the FSA's professional standards policy team, Leaman left the regulator after more than a decade at the organisation. Although not part of the team which laid the foundations of RDR, she became part of the 20-strong professionalism and RDR team in Canary Wharf in her last two years.
A former Gerald Edelman director, she is now a senior manager at the Royal Bank of Scotland.
Margaret Cole - March 2012
Cole left at the end of March after almost seven years with the FSA, most recently as managing director. She had originally joined as director of enforcement in July 2005 and had led the move to a more aggressive approach, heralding a period of record fines and activity. As the first managing director within the financial conduct unit, she was already shaping the future regulation of financial advisers.
She will join PwC in the autumn as an executive board member.
Hector Sants - June 2012
Sants (pictured) will leave the FSA next month, ending a five-year stint as chief executive and bringing the curtain down on a colourful period at the regulator. Defiant to the end on the RDR, he had previously announced his resignation in February 2010, only to be persuaded by the coalition government to stay on.
Claiming he never wanted the job in the first place, he has nevertheless played a key role in reshaping regulation, although he will not see through the complete break-up of the FSA. His future remains unclear.
Two global vehicles
'Further plug advice gap'
Must appoint separate CEOs and boards
Advisers do come out well
Will report to Mark Till