He may have inherited a poisoned chalice but Hector Sants did little to improve the industry, advisers say.
Andrew Merricks, head of investments, Skerritt Consultants
"I don't really have any sympathy for him - he was paid well. He has overseen an extremely volatile period in the financial sector and the regulator will never get any praise or credit. For his replacement, we need someone independent, who has not been involved in the financial sector and is coming from a completely different angle and does not buck to pressure."
Harry Katz, principal at Norwest Consultants
"I would counsel that we should be careful what we wish for. Whoever steps up to the plate will hardly be a soft and cuddly version. We need to remember that Parliament and the Treasury really loathe IFAs. We, in the main, help clients to avoid tax and frustrate the machinations of the tax collectors. We help to manipulate the system for the advantage of those who are considered to be the less deserving of the legislators' bounty. Take heart in the knowledge that the more we annoy them, the better we must be working for our clients."
Alan Lakey, partner at Highclere:
"I'm not surprised he's going - his contract was up. It was clear someone with his ambition and awareness of the political game being played would take the opportunity to step down. Rather unfairly, he's been cast in the role of villain - but he inherited the banking crisis and the RDR. The Tories have said they will get rid of the FSA and without doubt Sants' days were numbered - particularly as he has criticized some of the Tory plans to do away with the FSA."
Simon Webster, managing director, Facts & Figures
"I think he quit because the FSA has made a lot of failures and has not covered itself in glory over the last three years. The RDR has been a joke and the Tories are looking to replace the FSA. The FSA is a victim of the decisions it has made. If you can't succeed in a job then you must move on."
Martin Bamford, managing director, Informed Choice
"It will be difficult for him to leave a legacy. He'll be remembered for being at the helm during the time of the financial crisis and credit crunch and will be remembered for all the wrong reasons."
"In terms of his replacement, there could be no role to be filled. When Sants goes in the summer we would have had a general election and potentially there could be no FSA. So we could see some sort of interim position to oversee the transition from the FSA to the Conservative's new Consumer Protection Agency."
"Overall, he has done ok - he has done the best he could during a difficult time."
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