Hector Sants, the departing chief executive of the UK Financial Services Authority, today expressed his pride at how the regulator has responded to the need to change its approach in the face of "difficult conditions and what has at times felt like relentless criticism".

Sants, who next week steps down as the chief executive of the FSA after five years in charge, today gave what was a valedictory statement on his reign at the UK regulator in what will be its final annual report, which was published this morning.