Hector Sants has been appointed to take over as chief executive of the UK’s Financial Services Authority later this month.

Sants, who is currently managing director of wholesale and institutional markets at the FSA, will take up the post on July 20, succeeding John Tiner who steps down at the regulator’s annual public meeting on July 19.

Sants joined the FSA in May 2004.

Callum McCarthy, chairman of the FSA, said, “I am delighted that Hector has emerged as the clear choice from a strong field of internal and external candidates. We conducted a very thorough search, and we believe Hector’s combination of financial services industry experience, intellectual engagement and leadership skills best equips him to lead the FSA.”

Sants, 51, joined the FSA from Credit Suisse First Boston where he was chief executive of Europe, Middle East and Africa. He joined CSFB in 2000 when the firm merged with Donaldson, Lufkin & Jenrette and was a member of CSFB’s executive board. He was a member of the Financial Services Practitioner Panel and was previously a board member of, among other bodies, the SFA and the London Stock Exchange. He is married with three children and lives in Oxford.

“I am privileged to have the opportunity to take the FSA through the next phase of its development. John Tiner and his senior management team have laid out a clear path for the future of the organisation. I plan to continue that agenda, ensuring that the FSA itself – and crucially its people – are well-equipped to deal with the complex and constantly changing financial services industry,” Sants said.

“I firmly believe in the risk-based and more principles-based approach the FSA has pioneered and I will work with the industry to ensure that market solutions deliver the best outcomes for all stakeholders, with a particular focus on consumers,” he added.