Hector Sants, the chief executive of Britain's financial regulator, will leave the agency after a national election that will determine the future of the Financial Services Authority.

Sants will step down by the end of the summer, the FSA said in a statement. He began his role in July 2007, weeks before problems emerged with subprime mortgages that triggered the credit crunch and two months before a run on deposits at Northern Rock PLC, Britain's first casualty of the crisis.

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