Hector Sants, chief executive officer of the Financial Services Authority, speaks about the lessons that need to be learned from the global banking crisis that is threatening to plunge the world economy into recession.

The FSA is an independent body, established by act of parliament to regulate the financial services industry in the UK. Its board is appointed by the UK Treasury.

Hector Sants joined the FSA in 2004 and was appointed Chief Executive in July 2007. He was previously Chief Executive Officer Europe, Middle East and Africa for investment bank Credit Suisse First Boston.

(China.org.cn October 16, 2008)