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Sants slammed for insulting advisers

Hector Sants, chief executive of the Financial Services Authority, has been criticised for implying some advisers in the financial services sector are morally corrupt.

Sants last week revealed that the regulator will move away from principles-based regulation and towards an outcomes-based regime.

He says: “I believe the majority of market participants are decent but a principles-based approach does not work with individuals who have no principles.”

Ray Boulger, senior technical manager at John Charcol, says: “Sants is saying some in the industry are crooks and the FSA has messed up who it authorised.

“In 2007 he said a principles-based regime would provide the best chance of achieving the requisite balance between the benefits and risks of innovation. It’s a dramatic change in such a short time.”

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