U.K. regulator appoints new chief

LONDON—Hector Sants has been named chief executive of the Financial Services Authority, the U.K. body that regulates insurance and other financial services.

Mr. Sants will take up his new post on July 20. He succeeds John Tiner, who has headed the Financial Services Authority since September 2003 and who is leaving to join the public sector, the FSA said in a statement.

Mr. Sants, who is currently managing director of wholesale and institutional markets at the FSA, joined the regulatory body from Credit Suisse First Boston in May 2004, where he was chief executive of Europe, Middle East and Africa.

In a statement, Mr. 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."