Blog: Sants for the memories

So, farewell then, Hector Sants. The FSA CEO has announced he is to depart in the summer after three years in which he oversaw the rockiest period in the watchdog’s brief history.

Regulators are never popular with the regulated, but during Sants' reign the FSA came under fire from all angles.

Advisers embattled by the perceived over-regulation of their profession have long compared the watchdog with a bluebottle - the only time you don't hear its incessant buzzing is when it's too busy crapping on someone's cake to make a sound.

But against the backdrop of financial crisis, other voices have joined in the regulator-bashing. One of the few policies that the Conservatives have put in place before the forthcoming election is a commitment to review the whole regulatory structure and disband the FSA, undoing at a stroke one of the first acts of the current Labour government.

And significantly, against the backdrop of financial crisis, the general public - previously unaware of the FSA's existence - have started questioning exactly what the Authority does.

Most of Sants' reign was characterised by apologies and gestures, such as waiving a sizeable bonus last year. Although he did claim a bonus of £114,000 in 2008 - a year during which he presided over Northern Rock's collapse.

But how many of the financial industry's problems were actually Sants' fault? And who could have done better in that environment? Despite the £623,000 salary, there is unlikely to be a queue of candidates willing to replace him, given the uncertainty surrounding not just the regulator, but the market it regulates.

Beyond the prevailing conditions that are perhaps beyond his control, Sants' tenure will be most associated with his assault on commission and his drive towards improving standards of advice and product sales.

Whatever doubts many of the adviser community may hold, the retail distribution review is undoubtedly designed to improve standards in retail finance.

If it works, it should see intermediaries viewed as advisers rather than salesmen, and the advice industry as a profession rather than a job.

If the RDR achieves any of its aims in changing the advisory landscape, Hector Sants' reign may yet be viewed in hindsight as a success.