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Archbishop wants Sir Hector Sants to lead financial services taskforce

Former FSA chief executive Sir Hector Sants has been approached by Archbishop of Canterbury Justin Welby to lead a new financial taskforce, according to The Telegraph.

Sants, who resigned from his role as Barclays head of compliance and government and regulatory relations in November due to stress, is said to have been asked by Welby to lead the Archbishop’s Taskgroup on Credit Unions and the Financial Sector.

According to The Telegraph, the taskforce will seek to drive payday lenders out of business and “create a new way of thinking about finance” as part of a 10-year reform plan.

In July Welby, who sat on the parliamentary commission on banking standards, revealed he had told Wonga founder and chief executive Errol Damelin that he wants his company to come under more competitive pressure.

He said: “We’re not in the business of trying to legislate you out of existence, we’re trying to compete you out of existence. He’s a businessman, he took that well.”

The Church of England is also in the process of setting up a credit union and it wants to use its 16,000 churches to grow the service.

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Comments

There are 18 comments at the moment, we would love to hear your opinion too.

  1. What will be his salary and who will be paying it?

  2. Justin – Should have gone to Specsavers. – There’s no ‘i’ in Sants.

  3. Mr Welby you must be nuts!

  4. The church should stay out of politics but as we know the title church is just another word for ‘power’ is it no small wonder they came up with the name Sants. They associate the name with someone that headed up the FSA, not the guy who couldn’t stay in his position at Barclays because of a stress related illness. Why on earth would the church put forward a name of a person who was made ill by financial services.

    Welby, that long time ‘oilman Christian’ likes to play with the big boys and this will get him much needed publicity because his core business is going down the pan.

  5. Like lord Voledrmort is to Harry Potter

    Sants Is to the financial service industry, will we ever be rid of him ?

    Barclays must be well cuffed he has made such a swift recovery ?

    Mr Welby; there is a saying about keeping your enemies close; but do you want one of the devils own camped in the garden ? ( we all know he does likes a garden, he has taken enough leave in them !!)

  6. This is proof that there really is another world…

  7. Like him or loathe him he is a very able guy. He knows the Financial Services world inside out. At least he had the sense to introduce RDR and save millions of small investors from paying people with the equivalent of an HND in financial services £80,000-£200,000 a year in commission.

    not that that will be a populatr point of view on this website.

  8. Crusher | 16 January 2014 9:37 am

    I bet you’ve been dying to write something for months and months and spotted a golden opportunity. Of course you go to work for nothing each week and of course you couldn’t care less about all the bank based advisers who lost their jobs and the older advisers who thought their experience counted for nothing and removed themselves from the game. Come back when you grow up or at least do some proper research about actual earnings.

  9. I appeal to everyone not to give ‘crusher’ the time of day. It is probably Sants’ alias.

  10. @Crusher | 16 January 2014 9:37 am

    The operation was successful, but the patient died. Sir Hector claimed RDR was all to benefit consumers and you seem to hold similar views. Oxera, the market research firm employed by the FSA expects the RDR costs to be passed on to consumers, so they will pay for the changes. Charges will be higher, so sales of financial products will decline. The majority of adviser firms expect a reduction in turnover. Consumers with smaller amounts to invest are much less likely to seek advice if they have to pay for it explicitly. Many smaller firms of IFAs are likely to exit the market, never to be replaced. At the time the FSA’s own cost benefit analysis estimate the 10 year cost of RDR as £3.55bn!

    Are you really so sure RDR was for the benefit of the small investor?

  11. I’ve been able to hear him speak several times over the years, and although his track record is not brilliant, he does appear to have a good understanding of the financial services market (specifically outside the advice industry).

    He may be suited to running this task force.

  12. “According to The Telegraph, the taskforce will seek to drive payday lenders out of business……”

    Out of the temple surely?

  13. Well well……a job that Hector CAN do well, force businesses to close!

  14. “Father, forgive them, for they do not know what they are doing.” Luke 23:34

  15. Not really got a good track record has he? Get someone that will have the support of the public, someone who is respected!

  16. What they need is someone who is mature, and who has qualifications in both theology and financial services. Come to think of it, he should invite me for the job: Ken Durkin BD (ie Divinity), MA (Religious Studies), PhD (for Reinhold Niebuhr in the Outstanding Christian Thinkers Series – edited by Brian Davies OP); DipPFS, CeMAP, CeRER. Also released gospel album as Ken Duccini – I Love To Tell The Story – check on Amazon and iTunes and Youtube and the rest.

  17. Hold on a minute! He wasn’t particularly vocal about the ‘scourge’ of payday lenders when he was heading up the FSA was he? Why would he be interested in tackling them now?

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