Mr Sants, a director at the FSA, replaces previous chief executive John Tiner on 20 July.

As chief executive Mr Sants will be the public face of the FSA, responsible for protecting consumers and increasing of finance.

The FSA has responsibility for regulating savings, , insurance and mortgage products.

The FSA has two lead figures; a chairman and chief executive.

Callum McCarthy is the current chairman of the FSA.