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Advisers slam ‘madness’ of Sants banking review

Hector-Sants-smiles-at-the-podium-in-2011 700.jpg

Advisers have criticised the “collective madness” of the banking industry after the appointment of former FSA chief executive Sir Hector Sants to lead a review of bank competitiveness.

Sants, who presided over the regulator during the financial crisis and the RDR, will head a team at global management consulting firm Oliver Wyman and release the first review in autumn.

In November 2013 Sants quit his role as Barclays head of compliance and government and regulatory relations due to stress.

Verity Wealth Management partner James Watkin says: “You couldn’t make this stuff up, it’s the old boys’ network going around in circles.

“It’s a collective madness – if you continue to do the same thing you get the same result. We keep putting these people back in to these positions and I’ve seen it going on and on over 30 years.

“This guy’s not fit for purpose – he cannot head up an inquiry into the banking industry.”

John Cannaby Associates director Paul Wooley says: “It’s a whitewash – it’s just an incredible situation that somebody like that should be investigating the situation. I can’t understand why they wouldn’t have someone more independent, these inquiries are set up in such a way that they can only go one way – that’s the problem. Nothing constructive can be done if the person in charge is obviously biased in one way.”

The review will cover banking regulation, the risks of a ‘Brexit’, and the role of British banks compared to other major financial centres.

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Comments

There are 17 comments at the moment, we would love to hear your opinion too.

  1. Stuart Gregory 22nd May 2015 at 3:10 pm

    Hang on…no…I’ve checked, it’s not April 1st. I wish it was so easy for the rest of us to be rewarded constantly for failure.

  2. Graeme Graeme 22nd May 2015 at 3:19 pm

    Pathetic little men going oink

  3. And please tell us what he’s being paid as the rest of the industry has been complelled to do!

  4. Check out Common purpose the so called none political charity, who put failed people into powerful positions. http://Www.cpexposed.com

  5. Corruption is usually hidden and subtle … this gives corruption a bad name. Who, in their right mind, made this appointment. Was it to provide another self congratulatory whitewash for the banking industry, which every right minded person would disparage. Why appoint a serial failure unless their was some other motive. We have a situation where he introducded a system which guaranteed that most people would be left without advice or guidance. A fool or knave … you choose.

  6. Really????? I guess he was speaking in a broader context when he proclaimed “be afraid, be very afrais”. I certainly am now, as this is definitely the worst example of “the lunatics running the asylum”!

  7. Martyn Edwards 22nd May 2015 at 3:39 pm

    Guys guys guys please don’t go on so.
    That nice Mr Sants deserves a break, he only cocked up our industry because he thought we were all crooks who needed to be brought to heal.
    Once he trashed the advice sector he took a break with Barclay’s and the poor sole stressed out took his well deserved payout from the FSA and had a little break and now his friends want to top up his bank account again.

    Please let us show some compassion and charity.

  8. Royston Fielding 22nd May 2015 at 3:42 pm

    And they say corruption is the preserve of Spanish banks….someone in Government / the Treasury must surely have had a hand in this and been party to the decision…..just two weeks after the election and already we’re back into familiar territory….at least the buffoons got their comeuppance a couple of weeks back…..this guy must have invented Teflon and bathed in it since then…utter disgrace

  9. Steven Pearman 22nd May 2015 at 3:42 pm

    This may well be the nail, as we will be able to request how much this all cost and what Hectors cut of the action is in the fullness of time.

  10. Huw Frederickson 22nd May 2015 at 4:08 pm

    The desired result of this review is already known. All that was needed was the appointment of the person who would produce that result. Job done.

  11. Martin Newton 22nd May 2015 at 4:13 pm

    The mind boggles

  12. is this the same Hector Sants who famously said “Northern Rock was running an unsuitable business model”…yes Hector for the WHOLE time you were supposed to be regulating them… I’m gobsmacked….

  13. laughable, but deeply unpleasant to see this person receive another massive set of pay cheques for stating the bleeding obvious and avoiding all the stuff that should be exposed.

  14. Ken Bannister 24th May 2015 at 3:48 pm

    Stop making failures famous!

  15. Agree with all the above. Hopefully the press will pick up on the appointment of this pillock

  16. George Williamson 26th May 2015 at 5:41 pm

    In our office we call him “Under Pants” not Hector Sants, to better reflect his contribution to Financial Services!!

  17. True impartiality – after all Money is Money. Hard earned or easily acquired.

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