Hector Sants

The FSA has confirmed it will delay publishing its next Mortgage Market Review (MMR) consultation paper until early autumn, as it seeks to strike the right level of regulation for consumer protection.

The chairman and senior directors at the FSA shared more than £2.6m in salaries, bonuses and benefits in the year to 31 March, documents show.

Hector Sants has said the Prudential Regulation Authority's approach towards banking supervision will fundamentally differ from past practices as he set out a more "intensive" blueprint based on forward looking judgements.

Hector Sants, chief executive of the FSA, said the organisation's successor the Prudential Regulatory Authority (PRA) will take a judgment-based rather than reactive approach to regulation.

The Prudential Regulatory Authority - the new regulator taking over the supervision of big UK financial institutions in 2013 - should be charged with investigating bank failures and making its findings public, Hector Sants has said.

Hector Sants, the FSA chief executive, has admitted the "considerable" costs of implementing Solvency II may outweigh the short-term benefits to the industry.

The FSA today reached its "first milestone" in the transition to the new regulatory structure by replacing its supervision and risk units.

FSA chief executive Hector Sants and Treasury financial secretary Mark Hoban are to spend a day with a Sussex IFA in a bid to "better understand" the advice sector.

Margaret Cole, director of enforcement at the FSA, will become the head of half of the regulator as it divides in two in April.

AIFA director Stephen Gay has called into question figures the FSA presented to MPs on how many advisers have reached QCF Level 4.