Sants will not be replaced before election
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The FSA will not seek to find a replacement for outgoing chief executive Hector Sants until after the general election, say reports.
According to the Telegraph, the Treasury has ordered the FSA to hold fire on a search for a new chief until the fate of the FSA has been made clear. If the Conservative party comes to power it has pledged to abolish the FSA. If a Labour Government holds onto power, the regulator will continue in its current form.
FSA managing director of wholesale Sally Dewar or managing director of supervision Jon Pain have been touted as front runners to take interim control of the FSA if the Tories win the election and carry out their plans to scrap the regulator.
The Financial Times says the Tories are already lining Sants up for a role in the new bank or a role within public office with regard to financial services if they win the election.
A Tory aide told the FT: “As far as George Osborne is concerned, this is not the end of [Sants’] public service career”.
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Readers' comments (3)
Julian Stevens | 10 Feb 2010 12:07 pm
Not the end of Hector Sants' "public" service career? But he's always claimed the FSA is not a public sector body.
The truth, of course, if is that the FSA is a public sector body but funded by the private sector, hence it's able to get away with paying all its people enormous salaries and bonuses that would never be sanctioned in the public sector. When will the lies end?
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Incompetent Regulators Awards Team | 10 Feb 2010 4:08 pm
Frank Spencer and Mr Bean are both available for the job!
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lol | 10 Feb 2010 5:18 pm
from one socially useless position to another.
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