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Ex-FSA chief is ‘secret weapon’ new guidance body says

Hector Sants

The Money and Pensions Service says its chairman Hector Sants is the “secret weapon” that will help drive ambitious policies that improves the lives of consumers.

Sants was appointed chairman of MAPS in May 2018 and has explained the guidance body’s intention to tackle pressing issues such as “financial shame” in wider society.

In April MAPS outlined its first national strategy ahead of a UK-wide roadshow aimed at improving financial wellbeing and increasing understanding around pension options and requirements.

Yesterday its strategy and insights director Sarah Porretta gave an update on how these initiatives are progressing at the Association of British Insurers conference on long term savings.

It plans to publish a national strategy and a three-year business plan to achieve its objectives in the autumn.

She said: “On the road shows around the country we have talked with pension providers, third sector organisations and HR directors about barriers and challenges of engaging staff about their savings in particular.

“There is a sense we need to be more ambitious about the whole [work] journey and the savings culture of young people. The brands we have inherited offered a universal service but did not target anyone. This will be different with us”.

Regarding the advantage MAPS has have over previous financial guidance bodies, she added: “We have a secret weapon who is Hector Sants who can bring people around the table. He is ambitious and has been meeting with the heads of financial service regulators.

“The other thing is we are not cautious about identifying key issues to focus on. I would like to see us set up some specific task groups to introduce specific changes. We are not afraid to challenge the status quo. For instance we want to dive deeper into women, money and pensions.”

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Comments

There are 9 comments at the moment, we would love to hear your opinion too.

  1. Because Mr Sants was so effective at the FCA…

    • Julian Stevens 5th June 2019 at 9:30 am

      He was never at the FCA. He was CEO of the FSA before it phoenixed into the FCA.

      Reportedly, his exit from Barclays had nothing to do with stress or exhaustion. He was taken on to use his supposed knowledge of what the regulator would want to see in any new products, get them swiftly approved and thus secure for Barclays a competitive advantage. But, in the event, he just wasn’t up to the job. The stress and exhaustion stuff was just a smoke screen.

  2. Trevor Harrington 4th June 2019 at 1:23 pm

    If it is the same chap – he was at the FCA – left early with huge severance pay and contractual benefits – went to Barclays Bank for six months and took early retirement on ill health grounds – and is now back in financial services.

    We are obviously very lucky to have him, in as much that he has made a dramatic recovery from his period of ill health.

  3. I cant get my breath.

    He’s decimated the financial advice industry so much so that he’s created the massive savings, pensions & protection gaps for the masses were now beginning to seeing.

    He never took on board any advice from the industry professionals on how to address the problems the industry faced.

    He oversaw the worst market collapse in our lifetime.

    He was evasive to the treasury select committee.

    He didn’t do to well at Barclays Bank when faced with a real job. (Left after 9 months)

    & he’s their secret weapon.

  4. Julian Stevens 4th June 2019 at 6:19 pm

    More like a loose cannon than a secret weapon.

  5. When the going gets tough the (not so) secret weapon hands in his sick note !

    Weapons, of any description have a tendency to shoot themselves in the foot or blow up in your face !

  6. Philip Castle 5th June 2019 at 8:33 am

    That’s a stock photo of him from pre FCA days I think you’ll find.

  7. How does this jerk do it! The guys on the Public Appointments Panel must be complete idiots to recommend Sants and not one mandarin tipped off Esther McVey to swerve this choice for such a key post. Her judgement was lacking and she is now in the running to be the next PM . God help us

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