Sants says he leaves FSA an "improved" regulator

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Outgoing chief executive Hector Sants says the FSA is now a "different and improved regulator" after "radically changing" the way it operates.

In his statement in the FSA's annual report 2009/10, published today, Sants says the City watchdog has moved from a philosophy "often characterised" as 'light-touch' to a new outcomes-focused approach delivered through "intense" supervision. He says this new approach means the FSA can intervene in a "proactive" way and has led it to issue a total of 46 fines in the last financial year worth a total of more than £33m. Sants adds sustained investment over the last three years has resulted in "major successes" through a more aggressive focus on "credible deterrence" and pursuit of mark...

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