The UK Financial Services Authority faces further uncertainty over its future with one of its most senior executives deciding to leave, ruling out a potential successor to its outgoing chief executive Hector Sants. The lack of clarity over the future direction of the regulator is such that it is yet to appoint a headhunter to replace Sants, despite his impending summer departure.

Sally Dewar, board member and managing director of risk, has decided to leave the financial regulator in May 2011, according to an FSA statement today.