Sants says he leaves FSA an "improved" regulator

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...