View more on these topics

Ex-FSA chief exec Hector Sants in talks to join Deloitte

Hector Sants

Former FSA chief executive Hector Sants is in talks with Deloitte to become an equity partner, according to reports.

Sky News reports that Sants will not make up his mind until the end of the month, but risks a conflict of interest if he joins the accounting firm just months after leaving the FSA.

Sants left the regulator in June ahead of the abolition of the FSA in April 2013, when he was due to become deputy governor of the Bank of England. He first announced his intention to quit in 2010 before changing his mind.

Sants has continued to receive his £500,000 FSA salary plus benefits since he stepped down in June, but the payments are due to end at the end of the year.

Former FSA conduct business unit managing director and former director of enforcement Margaret Cole joined PricewaterhouseCoopers after leaving the regulator earlier this year. Former FSA managing director of supervision Jon Pain joined KPMG last year.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There are 26 comments at the moment, we would love to hear your opinion too.

  1. I wish him luck and hope he brings the same success and careful attention to detail to Deloitte as he evidenced during his tenure at the FSA.

  2. 1. It cannot be for his skills after the total cxxxup during his tenure at the FSA.
    2. Talking about falling in sxxt and coming out covered in roses.
    3.Jobs for the boys again

  3. Derek Bradley ceo Panacea Adviser 4th December 2012 at 2:04 pm

    So the cynics out there were correct in thinking that a big job would be lined up by the end of the year with a bank or other financial institution.

    But, with so many high profile FSA ‘ex-ecutives’ having already pioneered this route is there something rotten about such journey?

    After all we should note that Government ministers are prohibited from working with companies their department may have had a relationship with for two years.
    Former cabinet minister Geoff Hoon had restrictions put on his business activities by the body set up to prevent politicians misusing their influence.

    The restrictions meant Mr. Hoon could not draw on any privileged information he was given during his time as a minister for the next two years.

    The Advisory Committee on Business Appointments (Acoba), which looks at the position of all ministers who take up jobs after leaving Parliament states that:
    “Under the Ministerial Code former Ministers who want to take up any appointments or employment for two years after leaving office are required to seek advice from the Advisory Committee”, and must abide by that advice with former ministers being asked to complete an application form.

    This protocol should apply to ALL those in high profile regulatory positions too and this should be a high priority for HM Treasury to put in place rules to stop such “bed hopping” that has the potential for a commercial organisation to benefit from the possibly highly sensitive knowledge and intelligence that Mr Sants has no doubt been privy to.

  4. Phew! A cool quarter of a Mil plus ‘benefits’ for doing n’owt for six months – nice work if you can get it! Sorry, I’m wrong, it’s not work it is sitting on your backside. Even better considering when he was working what a complete hash was made in all corners of financial ‘regulation’.
    If this were some celeb legally avoiding £250k in tax the Press would be all over it, what is the difference? Joe Public still pays……

  5. I wonder why he is not going to become an IFA ?

    I’d have thought he would have jumped at the chance given his excellet business model he devised in RDR !!!

    Perhap he can’t pass a few simple exams ?

  6. Terence P.O'Halloran 4th December 2012 at 2:33 pm

    Where else would a man of such knowledge, experience, integrity and high earning capacity look for ’employment’?

  7. Sants leaves and gets paid gardening leave. Where on earth is the justice here? He’s costing us a fortune. Still when they realise what a mess he has left Financial Services in, someone, somewhere might ask for it all back…..After all this is the month where many wishes come true!

  8. RDR! It`s obvious now, how could I have missed it! Retire on Deloittes Remuneration.

  9. Had not realised that Deloitte needed a lavatory attendant
    seriously folks – no offence intended to washroom staff

  10. Roman Duzinkewycz 4th December 2012 at 2:55 pm

    Cynics all – couldn’t agree with all of you more. Talk about taking the p..s! Xmas comes every day to this bloke.

  11. Don’t forget the much misquoted coda of senior execs at the FSA: ” Be rich. Be very, very rich”

  12. Nicholas Pleasure 4th December 2012 at 3:17 pm

    One of the FSA’s statements of business to which IFA’s have to adhere:

    INTEGRITY

    Where’s it gone Hector?

  13. @Derek Bradley ceo Panacea Adviser | 4 Dec 2012 2:04 pm

    Your comments are spot on.

    It really does look like one rule for some (Hector Sants, George Entwhistle etc) and another for the rest of us.

    I think us proles are getting rather sick of being laughed at.

  14. DH – He wouldn’t dare attempt to become an iFA after the total mess his RDR has left the industry in, but I do believe he is uniquely qualified to join a firm of accountants, whose most recent survey predicted up to 5million consumers may suffer from not being able to access affordable advice post RDR.

    I think Deloittes need to very carefully consider whether a man with his lack of credentials ( no FPC, No Level 4 or 6 diploma, never worked with clients etc etc, too many deficiences to mention) coupled with his total lack of respect for the wishes of the TSC, could possible fit in with Deloittes culture.

    They do after all bayonet the wounded and bury the dead after the business battle has been won or lost.

    If he does succeed in getting them to employ him, what exactly does he bring to the table ??

  15. All animals are equal only some animals are more equal than others.

    [ :@)]

    After you with the trough, Hector.

    Love and kisses

    Larrykins xxxx

  16. Now I don’t want to infer any wrong doing here but in my opinion I do think it’s a bit strange Hector Santes former head of the FSA who headed the organisation at the time of the RBS collapse and indeed gave a whitewash report to the government on the RBS situation is now going to work for the accountancy practise that audited RBS.

    Sorry to be a cynic but surely there should be some rule that bans senior executives of the regulator going to work for a major organisation that was involved in the UK’s largest banking failures. Wasn’t Deloittes critisized heavily for their auditing procedures of RBS and maybe Money Marketing would like to ask some serious questions of the rights and wrongs of this appointment.

    I also believe that the Treasure Select Committee dealing with Financial Services should call both Deloittes and Hector Santes to answer questions on this appointment and the appropriateness of it.

  17. As I have said so often (it must now be boring) – when oh when will this revolving door between the regulator and the big 4 accountants be nailed shut?

  18. From Delloite’s website
    “Recent market developments have led to the competitive and regulatory landscape evolving at unprecedented speed. As such, financial services organisations are having to understand and tackle a more complex matrix of organisational challenges”

    At Deloitte, our specialist knowledge and industry experience enables our experts to deliver tailored solutions to help companies address these new challenges, maximise market opportunities and create competitive advantage”
    Having made his fortune implementing the new regulatory landscape, Sants is now off to make a few more bucks teaching firms how to understand and tackle the more complex matrix of organisational challenges.If indeed he can fathom them.
    He should feel at home – looks like they speak the same language.
    Big wheels keep on turning.

  19. Did Fred the Shred work for Deloittes?

    Nuff said

  20. These people have no shame nor do they have any integrity. This is like Tony Blair being appointed middle east peace envoy. Just a nasty little game that goes on at our expense. Those at the top cocking it all up and moving on to something new without any recourse. Jobs for the boys? This is something far worse than the old school looking after it’self this is someone who’s name is associated with a mighty mess being removed on a promise. Stinks to the high heaven.

  21. How do you get into the ‘Golden Circle’?

    Any other mortal who had sat and watched the industry he was employed to oversee virtually collapse would be unemployable!

    I suppose it’s like Premiership football, spend a couple of hundred million on players, no success, get sacked, walk in to another million pound a year job.

  22. I note that Deloitte seem to have received a nice contract from the FSCS/FSA in respect of work on the Arch Cru debacle.

  23. You really couldnt make it up.

  24. please remove previous comment perhaps made a little hastily

  25. DH

    I wonder why he is not going to become an IFA ?

    Lacks the moral fibre?

    It just provides another example of the paucity of ethics that pervades UK and global business these days.

    I feel like a total dinosaur.

    Ian Coley
    Partner
    Medical Investment Services

  26. It would be interesting to find how many ex FSA staff become financial advisers – after all they keep telling us what we should do, how we should do it and how much we should charge for it.

    Bet none have the b**ls to prove all their nice theories in practice.

Leave a comment