The Committee announced yesterday it would be holding “a  confirmation hearing” on Mr Sants’ appointment as chief executive of the Prudential Regulatory Authority and deputy governor of the Bank of England.

A confirmation hearing determines whether to approve or reject a person for a position. The committee may recommend him as unsuitable for the job or support his appointment.

The decision follows the Treasury Committee evidence session yesterday with Mr Sants, Lord Turner, chairman of the FSA, and Margaret Cole, managing director of enforcement, financial crime and markets.

During the hearing, Mr Sants admitted that he “did not want to take on the job” as chief executive of the PRA and had been persuaded to apply.

He said had only intended to stay at the FSA for three years upon his joining in May 2004 as managing director of wholesale and institutional markets.

However, he said he had the benefit of “the searing learning experience of a financial crisis” which he would impart to the system.

Chairman of the Treasury Committee Andrew Tyrie MP said: “The Committee will need to digest the evidence we have heard today.

“We will be holding a confirmation hearing with Mr Sants in due course with respect to his appointment as chief executive of the PRA and deputy governor of the Bank of England.”