Hector Sants's resignation as chief executive of the Financial Services Authority could not come at a more awkward time for the UK regulator. Just weeks ahead of an election that could lead to much of the FSA's responsibilities being swiftly re-absorbed back into the Bank of England if the opposition Conservatives win, the queue of people wanting to replace him is unlikely to be very long. Meanwhile negotiations over a new global regulatory architecture, in which the UK has much to lose, are at a critical phase.

Sants insists the timing reflects his determination only to do the job for three years. And given his contract requires him to give six months' notice and then wait six months before taking up a new job, it made sense to quit as soon as he had made up his mind.