Hector Sants, the chief executive of the Financial Services Authority (FSA), has announced he is to step down as head of the City regulator.
Media reports suggested he resigned unexpectedly last night.
But in a statement Mr Sants said he would leave in the summer, as planned, after three years in the job.
Mr Sants has been chief executive throughout the credit crisis, a period he described as "extraordinary circumstances" for the FSA.
"I am very proud of the manner in which the FSA rose to the challenge of dealing with such unprecedented turbulence across global financial markets," Mr Sants said.
"Moreover, I believe the FSA candidly examined the failings in financial regulation that contributed to the onset of the crisis, learned the lessons and has gone on to reform itself into a much stronger and better equipped organisation."
Mr Sants has worked at the regulator since 2004 when he joined from Credit Suisse First Boston.
This article is from the BBC News website. © British Broadcasting Corporation, The BBC is not responsible for the content of external internet sites.
