The former head of the UK's financial regulator has secured a new role as chair of a body set up by the government to offer debt advice and pensions guidance.

Sir Hector Sants, who headed the Financial Services Authority — the predecessor to the Financial Conduct Authority — between 2007 and 2013, has been appointed chair of the Single Financial Guidance Body, according to a statement from the Department for Work and Pensions. He will take up the post in October for a five-year term.