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Hector Sants to leave FSA

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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  • peter sowerby 10th February 2010 at 9:45 pm

    there is a saying that’s often used but now seems the MOST appropriate time ever, it goes like this

    Good riddance to bad rubbish !

    or

    P*** off you useless pillock

  • Tom IFA 10th February 2010 at 2:27 pm

    Dear Hector, presumably you are off up the chain of command and salary in Government or the BOE? If you wish for a reference I would be happy to oblige, Kind regards Tom
    PS Would you please remind me of your achievemnts at the FSA in the past 3 years so that I can include

  • Dave Ebsworth 9th February 2010 at 11:16 pm

    Hector Sants is hailed by Adair Turner as an effective leader! In answer to that – Northern Rock! Where the only people at the FSA to lose their jobs were middle and junior management. In the industry it is the senior managment who have to take responsibilty for their organisation’s failures.

    No doubt he will get a huge pay off and who pays for this? the public he is supposed to be protecting (via the industry) and a equally huge hello from his next employer. I hope the participants and employees in that industry can be warned?

  • Geoff Laird 9th February 2010 at 6:04 pm

    I am reaching for my handkerchief , not to cry but to say go away your presence will not be missed.

  • W tebraiz 9th February 2010 at 5:42 pm

    HS – Dont think he has any financial qualification (even if he did, little doubt which end of the scale he’d been rated at).
    Golden handshake – I think he’s eyeing a Golden Camel.
    FSA; yawning and moaning on our back; well after all they have been asleep since 2000 until 2007 – bed time again?

    Anyone noticed there’s quite a few high position executives leaving jobs or pursuing other career (crashing) challenges.
    All I can say and wish is God help us. Certainly these muppets in white collars cant, I dont think they can actually hear what they’re talking about – after all lets not forget they’re very bright hmmm?!

  • anonimous 9th February 2010 at 3:31 pm

    The man that decided to share £131 million in bonus with those henchmen in the FSA,at a time that everyone was suffering very good at attacking small IFAs but powerless with those banksters.

  • anonimous 9th February 2010 at 3:29 pm

    The man that decided to share £131 million in bonus with those henchmen in the FSA,at a time that everyone was suffering very good at attacking small IFAs but powerless with those banksters.

  • Maurice Edgington 9th February 2010 at 2:11 pm

    If I had inside knowledge that when David Cameron becomes Prime Minister in May that the FSA is definitely to be reinvented as a consumer watchdog with banking responsibility back with the Bank of England, I would start looking for my next job around about now.

  • mark wilkins 9th February 2010 at 1:13 pm

    Business Prevention Authority. Does this guy realise what the FSA are up to on a day to day basis. I am speechless!! This country would not be in the state it is if the FSA had done it’s job and regulated properly. Utter joke and he should be held responsible and to account.
    SHOCKING

  • Alan Townley 9th February 2010 at 12:13 pm

    please, please dont tell me we are actually going to have to cough up a golden handshake here..it makes you sick to the pit of your stomach

  • Alan Townley 9th February 2010 at 12:12 pm

    I suppose that if you talk about it enough you will eventually believe all your own bull%”!T.
    Well done!!!

  • Ian 9th February 2010 at 12:10 pm

    HS was the presentable face of the FSA used by this Governemnt to deflect the criticism after the previous incumbent (Nero’s long lost cousin)was removed for being totally asleep and unaware of what was going on around him.
    Mr. Brown please take the opportunity of appointing someone who is independent minded, knowlegeable about the whole industry and who is not just working for the banks and getting his eventual knighthood. – or alternatively if you wish the whole debacle to happen again appoint someone like Paul Myners, Fred Goodwin, Sir Victor Blank or Terry Burns

  • david james 9th February 2010 at 12:06 pm

    He just could not wait until May 6th when Gordon Brown’s useless QUANGO is dissolved. Let’s hope he gets the goodbye bonus he deserve’s.

  • Michael 9th February 2010 at 11:49 am

    Long overdue – he should have resigned when it became clear they did nothing after NR and there was fair warning that the crunch was on the way.Yet he did nothing,and waited until it all hit the skids..then got into a blame game with the BOE and treasury.

    Did he actually have any financial qualifications himself? I wonder.

    Now we have the fall out to deal with in the form of the MMR,which the CML(who was a prime mover in getting mortgage regulation in the first place) wants to turn into a broker bashing excercise.

    If the FSA wants to have a stable ,professional industry, then they cannot continue to allow financial products to be bought without advice.Period.

    You cant get medicines without seeing a doctor,you cant get your teeth done without seeing a dentist.Yet,with financial products you can go here there and everywhere.Yet the advised sector has ALL the burden of regulation and cost.The balance is not there,and the FSA has presided over the whole sorry mess.

    We cant have a professional industry until non advised sale are removed.

  • Jamal 9th February 2010 at 11:27 am

    My eyes water, my smile is gone, Im at total loss for words – what a wonderful person leaving such a great organisation in that steered the country right into the thick of the biggest, wildest, most shocking economic state –
    Golden handshake? no thats for Bankers and MP’s, this one’s getting a golden elephant. He achieved more damage in 3 years than what the country did in 200 years.
    Writting is on the wall for FSA, I hope civilisation returns to this circus of clowns.
    Now GET THIS COUNTRY@S ECONOMY BACK ON IT’S FEET PLEASE!!!

  • Julian Thornhill 9th February 2010 at 11:25 am

    a bail out to the tune of £865bn says they have done an extremly ‘effective’ job and he should be congratulated and awarded a handsome bonus – well done old chap!

    Lets not forget his other major achievements:-

    Total consumer confusion and misunderstanding about what independent means, banks pushing non-advice products but being TCF! Dual pricing but being TCF!networks not allowing brokers to advise on direct only deals but being TCF and lots more regulation for the broker because they aren’t being TCF and deserve it anyway.

  • Iain MacDonald 9th February 2010 at 11:23 am

    Canary Wharf seems to be populated by individuals who think that by imposing raft after raft of unneccessary and costly processes on business life, that no-one (least of all the ‘poor bloody customers’) wants, they can ‘regulate’ Britain out of the recession.
    I have news for them………It’s not helping!
    Hector’s self satisfied parting comments just serve to underline the huge gap between regulatory self-delusion and commercial reality.

  • Bita Mills 9th February 2010 at 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??!!

  • Mark Stroud 9th February 2010 at 11:16 am

    I have heard the next leader is Fred the Shred.

  • John 9th February 2010 at 11:14 am

    ‘ere gissa job! I can do that!

  • Malcolm Dunn 9th February 2010 at 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 !!

  • andy 9th February 2010 at 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 ?

  • anon 9th February 2010 at 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!!

  • James Ferguson 9th February 2010 at 10:49 am

    I dread to imagine how much he will get as a Golden Handshake?

  • A Joke 9th February 2010 at 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.

  • Keith Curtis 9th February 2010 at 10:47 am

    ‘a truly effective organisation’

    No more needs to be said!

  • colin 9th February 2010 at 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