Hector Sants to leave FSA
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The Financial Services Authority has announced that Hector Sants will leave the organisation in the summer, after three years as chief executive officer.
Sants says when he was appointed he told the board that he planned to serve as CEO for three years.
The board of the FSA says it will announce the process for deciding the succession to Sants in due course.
Speaking about his three years at the FSA, Sants says: “Of course, those three years have encompassed the most extraordinary circumstances for a financial regulator, and 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.
“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.
“The success of any regulatory structure depends on ensuring supervision is carried out by high-quality supervisors with sufficient resources and specialist support.”
He believes the FSA has made great strides in ensuring that such individuals are in place in the UK and he says he is sure that after he leaves they will continue to do invaluable work to ensure financial stability and protect the interests of consumers.
Adair Turner, chairman of the FSA, says Hector has given outstanding service and leadership through the turbulent last three years and has played a pivotal role in reforming the FSA into a truly effective organisation.
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Readers' comments (25)
Anonymous | 9 Feb 2010 10:43 am
the same man that thinks self cert and fast track are the same thing.....and famously quoted that almost 45% of mortgages in 2007 were self cert. bit embarassing for the head honcho to have such a loose grasp of facts
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Anonymous | 9 Feb 2010 10:47 am
'a truly effective organisation'
No more needs to be said!
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Anonymous | 9 Feb 2010 10:48 am
. . . . . 'reforming the FSA into a truly effective organisation' . . . . Where do they get these people from. Firstly the banking crisis, then mis selling ASU, then TCF (what a miserable failure that was . .and still is).
Talk about 'jobs for the boys' and 'shutting the gate after the horse has bolted' . . . Ineffective and mis managed sums it up.
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Anonymous | 9 Feb 2010 10:49 am
I dread to imagine how much he will get as a Golden Handshake?
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Anonymous | 9 Feb 2010 10:59 am
Has there ever been any other organisation in memory that has done such a terrible job and yet covered itself in glory. I believe not.
They will continue with a heavy handed regulation of the small broker and continue to let the banks run riot.
A truely remarkable organisation!!
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Anonymous | 9 Feb 2010 10:59 am
So he thinks he did a good job? More like he has messed up so badly he has no choice but to go. He really is not in touch with reality, but i am sure he will end up with another high salary in a new position (jobs for the boys) and a very generous pay off and maxed out pension fund.
Leaving the financial services sector in turmoil, the FSA are no better than the politicians, it needs a complete overall and some common sense put into place that is workable for adviser’s providers and clients.
It is really not that difficult, all Hector and his staff have done is try and stop people getting advice by changing the rules every month, and confusing the public and the adviser community. Most clients where happy with the service they received. No business in the world puts up with the way we are treated. Quite frankly I cannot believe that no one in the FSA has been charged with neglect for not doing their job over the banking crisis.Or is he going befor this happens?
Wonder who will be the next leader for the FSA ?
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Anonymous | 9 Feb 2010 11:04 am
Hector Sants has not a clue about our industry....I had a face to face arguement with him about dual pricing which he said was not against TCF rules...what a joke...the banks can do anythibg they like, but rthe small guys like us small brokers are forever threatened and treated as untrustworthy by the FSA..., they never appreciate the good work the majority of us do....just criticise when a small number of brokers are in the wrong...lets hear some praise for the majority of us please !!!! .what a joke this man is...Good Riddance !!
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John | 9 Feb 2010 11:14 am
'ere gissa job! I can do that!
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Anonymous | 9 Feb 2010 11:16 am
I have heard the next leader is Fred the Shred.
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Anonymous | 9 Feb 2010 11:19 am
It seems like we live in a two tier world, those with a licence who run riot then pat themselves on the back, who speak in 'Golden Bulls**t' and those who have no licence, are frustrated and speak 'The Trueth'!!!! So what's new??!!
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