Top financial regulator resigns

TALLAHASSEE — Florida’s embattled top financial regulator has resigned amid pressure for his removal from state Chief Financial Officer Jimmy Patronis.

In a letter submitted late Thursday to Gov. Rick Scott and the state Cabinet, Drew Breakspear, Office of Financial Regulation commissioner, said he would leave the post at the end of June “to ensure a smooth transition for the agency.”

“I am very grateful for the opportunity to serve the state of Florida, and I look forward to retirement,” he wrote.

Breakspear also defended his agency for its progress, accomplishments and “positive relationships with the financial services industry, stakeholders, and our state and federal counterparts.”

The future of the office is expected to be discussed by Scott and the Cabinet — Patronis, Agriculture Commissioner Adam Putnam and Attorney General Pam Bondi — on June 13.

Taking a lighter tone than when he called to remove the regulator, Patronis said in a statement Friday he appreciated Breakspear’s years of service to the state and wished him “all the best in his future endeavors.”

“During his time as commissioner, he had an understanding of the financial needs of Floridians, and it is my hope his years of service will help ensure a smooth transition for Florida consumers and stakeholders,” Patronis, who was appointed CFO last year by Scott, said in a prepared statement.

His office had said he received several calls for a new top regulator from mortgage and security industry leaders who had clashed with the agency.

In announcing his push to remove Breakspear on May 3, Patronis pointed to a “lack of cooperation, responsiveness and communication” from Breakspear’s office.

Last week, Patronis spokeswoman Anna Alexopoulos Farrar outlined a number of issues to support Breakspear’s removal, from poor decision-making and a failure to follow emerging trends and technology to “a lack of responsiveness to our office and others.”

One of the issues dealt with a sexual-harassment allegation involving employees of the Office of Financial Regulation during an after-hours event. An agency deputy declined to take action on the allegation.

As Patronis went public, Scott and other members of the Cabinet deferred comment, pending a Cabinet review, a stance that did not change after Breakspear’s resignation.

Patronis, who said he already had an interim replacement in mind, needed support from Scott and one other Cabinet member to make the leadership change.

Any replacement still faces the prospect of being replaced at the start of 2019, after a new governor takes office.