Hector Sants' departure as chief executive of the FSA will have no bearing on the RDR, despite it coming just two years before the 2012 implementation deadline, the Personal Finance Society (PFS) says.
In his three year stint in the role during the worst financial crisis for 80 years, Sants had more important things on his mind than the RDR, preferring to delegate out work on the changes, says PFS chief executive Fay Goddard.
"Hector was not directly involved in the RDR, so no disruption to the timetable is likely. I do not expect any problems there," she says.
Goddard says she is not surprised Sants is choosing to leave in the Summer, given the continued uncertainty surrounding the impact on the FSA of a change of government at the next General Election.
"Hector stayed during a very difficult time, but Lord Turner is now taking the reins. I think it is the right time for him to leave, given the likely change of government. He has been very vocal against the Tories' proposed changes to the FSA."
Goddard believes the perfect candidate to replace Sants will be one who engages with stakeholders.
"The FSA needs someone like Lord Turner to connect with stakeholders, reassure them," she says.
"Improving the vital lines of communication between the regulator and those it seeks to regulate will be a key part of their job."
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