Sants emailed FSA's staff on Tory policy
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FSA chief executive Hector Sants emailed all 3,300 members of FSA staff on election day reminding them that if the Conservatives won they would scrap the regulator.
In the email, Sants told staff: “If the Conservatives form the next government, we know it is their intention to make changes to UK regulatory structure. However, it will undoubtedly take time for them to develop the next stage of their thinking.”
Sants announced in February that he was to stand down as FSA chief executive this summer after three years in the role. He has previously clashed with the Tories over their proposal to scrap the FSA, move prudential regulation to the Bank of England and create a consumer protection agency.
A source close to the Conservative party says: “Sants could have waited until the next day, he did not have to send this email on election day. Our policies are well known.”
Philip J Milton & Company managing director Philip Milton, who stood as a Conservative candidate at the general election, says: “This was wholly inappropriate. It was obviously done to encourage a particular perspective to be taken by his staff.”
Sants’ email continued: “Regardless of whether the Conservatives have an outright majority or not, this will take time. The key thing is to continue to deliver on our current mandate and try not to be distracted from the important work that we do.”
He also told staff that he will reveal his leaving date and the arrangements for a successor by the end of May.
The FSA refused to comment on the email.
To read the full text of the email click here.
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Readers' comments (54)
Anonymous | 13 May 2010 8:34 am
This is almost like insider trading - lock him up.
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Anonymous | 13 May 2010 9:18 am
Let me get this straight. WE, ie IFAs and the industry, PAY his salary to properly regulate the industry - and hes using the time we pay for to email people to encourage them to vote a certain way in an election!!!! Utterly inappropriate on so many counts. He should be sacked in shame and not allowed to resign
What is wrong with us in this country that we allow these types of people to carry on abusing us in this way?
I may have rabies i am foaming so much at the mouth...
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Evan Owen | 13 May 2010 9:22 am
How could 3,300 people make any difference to the outcome of the election?
I have gone on record often enough - we don't need another period of regulatory upheaval, we don't need a CPA... er, what I mean is YOU the regulated don't need it... if you think it would be better then you are misguided.
What we do need is BALANCE !"!*... sorry I shouted.
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terry | 13 May 2010 9:25 am
I am sorry this person is not fit for purpose encouraging their employees to vote in a certain way using the threat of losing their jobs. This is the same as the FSA is threatening to take away my livelehood after 2012 if I do not do things their way.
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Anonymous | 13 May 2010 9:28 am
I would expect this is clearly illegal under employemnt law.
If my boss tried to influence my vote, they would be in front of an employmentt tribunal sharpish.
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Michael Fallas | 13 May 2010 9:28 am
I think this demontrates quite clearly this man is not unbiased or impartial but highly political and his judgement must be in question when he was clearly trying to persuade his staff how they should vote. He should resign now.
A regulator must be unbiased. Even though WE pay his salary we have no say whatsoever in what goes on and we cannot even legally challenge anything they do. Until that changes injustice by the FSA will continue
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SIMON MANSELL | 13 May 2010 9:29 am
Now then I'm sure there is a constitutional issue here mainly because the FSA is an executive body and part of government. No body executive can have a political view or use its position for such a view. The FSA always claims independence but this is of course is a fiction and not true as Turner showed when he danced to Browns pro banking tune! Sants has abused his position and attempted to sway the vote of FSA employees. If he hadn't resigned he should be sacked! On a personal note I pay the wages of the FSA and I don't expect top support Sants political bias.
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Anonymous | 13 May 2010 9:29 am
He's a public servant and that was an abuse of office. Sadly, over the past decade public servants don't get sacked as their opposite numbers in the private sector would do. Sants personifies all that is wrong with the FSA and government institutions at large. Getting rid of him in a hurry would be satisfying but would prejudice the longer term needed reforms over at Canary Wharf !!
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Anonymous | 13 May 2010 9:29 am
This also goes to prove that under the Labour mal-administration the appointments of such people have been politically motivated rather than done on the basis on what is best for the consumer, and lets face it, the FSA has not done a lot since it's creation to provide what is best for the consumer. Sants should be sacked immediately on the basis that he has used his position to try and persuade people to vote in a certain way. Imagine the likes of Mervyn King making such statements, there would be a national uproar.
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Anonymous | 13 May 2010 9:29 am
I totally agree he should now be sacked for a gross mis use of his position to try to politically persuade his staff ...............
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