Finally the FSA sees the writing on the wall as, in a startling move, that for once showed incredible foresight and presence of mind, Pants mumbling Chief of the FSA has seen something that was as plain as the nose on his smug face and resigned.
Mr Pants, who was appointed chief executive in 2007 has led the City regulator through a period of turmoil and sheer incompetence, to become one of the biggest jokes in the financial world.
With the agency under fire for failing to prevent the financial crisis, and failing to spot what everyone else could see, that Nazi Bankers were f*cking up the world, Pants has shown that he can predict some disasters and has jumped ship; ahead of what many see as the inevitable fall of the Regulator come the General Election.
The CEO, who will stay at the FSA until the summer, making Lattes in the staff Restaurant, and cleaning "Red" Adair Turner's collection of vintage jock straps, had been vehement in his criticism of Tory plans to scrap the increasingly pointless agency.
He described the Conservative plan to give the FSA's supervision role to the Bank of England and to hand consumer protection and financial crime responsibilities to a new agency as a distraction that could lead to a confusion and chaos on a scale of Northern Rock, Lehman Brothers or any of the last 100 balls ups by the FSA.
Many would say, would we even notice the difference ?
However, George Osborne, shadow chancellor has praised Mr Pants calling him an "intelligent, diligent and committed public servant" If I was ever going to vote Tory then that assessment has changed my mind forever !
The Tories have let it be known they would consider recruiting Pants for another job if they win the election.
"As far as George Osborne is concerned, this is not the end of Hector's public sector career," said an aide, "In fact given his excellent work so far we could see him taking a high profile role cleaning lavatories at Tory Central Office, or heading the new Conservative initiative for managing Public Finances with everyone's favourite incompetent Fred "the shred" Goodwin."
The resignation has left the remaining management at the FSA in turmoil and it is clear that the continuing uncertainty regarding any sort of future for the FSA cannot be a good thing.
This state of affairs will make it difficult to recruit a successor and financial experts believe that this could reduce Britain's standing at a time when around the globe, financial regulators are contemplating tougher rules.
In this case insiders believe that the Authority may make a snap recruitment decision to fill Hector's void, current money is on Osama Bin Laden, Robert Mugabe or the ever unpopular Fascist Nick Griffin, since none of them could drag the FSA's reputation any lower.
Some in the City were flummoxed and flabbberghasted by the the move. "He was probably the best person to take the FSA forward in the next year or two, and let's face it with him steering the ship to oblivion there was still a chance that Bankers could get away with murder and still look good," said Scrote Vag-Stretcher chief partner and Satanic Priest at Boutique Bank Crepitating, Bowel and Erosion.
We wait with bated breath to see which of the rats flees next.
By Cressida Flange-Belch, Financial Correspondent, Monthly Cycle
