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Hector Sants awarded knighthood

Former FSA chief executive Hector Sants has been knighted as part of the New Year Honours for 2013.

Hector Sants 480

Sants (pictured), who left the regulator in June, was recognised for services to financial services and regulation.

It emerged earlier this month Sants was joining Barclays as head of compliance and government and regulatory relations, reportedly on a pay package of up to £3m. He is set to join the bank on January 21.

Since leaving the FSA, Sants has been on paid gardening leave earning an annual £500,000 salary plus benefits.

The New Year Honours list has also recognised former Office for Budget Responsibility chairman Sir Alan Budd. Budd has been awarded the knights grand cross of the Order of the British Empire for services to economic policy and the OBR.

Budd, who is also a founding member of the Bank of England’s Monetary Policy Committee, stepped down from the OBR in July 2010 after just three months as chairman.

He told the Treasury Select Committee before stepping down it was “certainly not his intention” to mislead anyone about how long he would stay in the role, amid concerns about the independence of the economic body’s forecasts.

Also in the Honours for 2013 was former Legal and General chief executive and Association of British Insurers chairman Tim Breedon, who was awarded an OBE for services to the insurance industry.

Treasury financial stability director Mridul Hegde has been made a dame for services to the stabilisation of the British banking system while KPMG director Teresa Sienkowicz has been awarded an OBE for services to the accountancy and pensions professions.

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