Hector Sants, managing director of the Financial Services Authority's wholesale and institutional division which oversees investment banks and hedge funds, has won the race for the top job at the UK regulator.

Sants, who was chief executive of Credit Suisse First Boston in Europe, the Middle East and Africa before switching to the FSA in May 2004, was today confirmed as chief executive of the FSA, effective next Thursday, when incumbent John Tiner steps down after the regulator's annual meeting.