Press release about FSA CEO quitting was cringeworthy

The nature of the announcement last week that Hector Sants is to step down from the top job at the regulator made me cringe. But then, it seems there is no shame at this level of politics.

The regulator is a shambles and with hindsight it is clear there was no need to move away from self-regulation in the mortgage sector. The positives of statutory regulation are heavily outweighed by the numerous and continuing negatives.

Too many top bosses have been trained to manage by numbers. This can work to some extent in certain large organisations but not at the FSA.

Inept people tend to surround themselves with yes-people – those who tell them they are doing well when it is clear to everyone else that their performance is terrible.

I believe the press release announcing Sants’ departure was a glaring example of this.

In the meantime, I guess Sants will soon be cosily ensconced in a well-paid post at one of the banks he has so skilfully assisted during the crisis.