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Former FSA chief Sants to chair new guidance body

Hector Sants

Former Financial Services Authority chief executive Hector Sants has scooped the prized role of chairing the Government’s new Single Financial Guidance Body.

While no public announcement has been made, Sants is listed as chair in government vacancy listings for further non-executive directors at the organisation, which will merge the Money Advice Service, The Pensions Advisory Service and Pension Wise into a single fianncial guidance provider.

The chairman role will be paid the equivalent of £133,000 a year. Initially, Sants will be expected to work four days a week and will be paid £106,000. Once the body, which is expected to go live later this year, is up and running, the chairman’s hours will reduce to three days a week, eventually settling at between two and two and a half days.

The chairman job advertisement, which is still on the government’s website, adds that “reasonable travel expenses and subsistence relating to official business will be reimbursed”.

The organisation still has an advert out for its chief executive, with a salary listed as £175,000. The government’s advertisement says applications closed earlier this month, with final interviews to take place in July.

Sants, who was given a knighthood, was replaced by Martin Wheatley when the FSA became the FCA in 2013. He then joined Barclays, but then left his role as head of compliance due to stress.

He then went to work for management consultancy Oliver Wyman, which picked up more than £1m from FCA projects.

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Comments

There are 16 comments at the moment, we would love to hear your opinion too.

  1. Disgracefull

  2. Should we still be afraid…..very afraid?

  3. Nicholas Pleasure 31st May 2018 at 12:44 pm

    My guess is that the site moderator is going to be busy this afternoon.

    Another filthy reward for abject failure.

  4. Kevin Saunders 31st May 2018 at 1:08 pm

    So for someone who was in charge of the FSA, employed Mr Flowers to run the Co-op with no banking experience, allowed the bank to fail, then managed to slide the blame away from himself, clearly should not be financial services ever again.

  5. I’m speechless one step forward etc

  6. All aboard the Gravy Train!

  7. I guess we’re all immured to this type of thing now, certainly those who’ve been around for 25 years.

    Without doubt there is a ‘good old boys’ network where those faithful to the club are continually rewarded for their assistance and devotion to the cause.

    We continually hear about cronyism in third world countries but don’t forget we invented it and it’s still flourishing nicely on our shores.

  8. derek bradley 31st May 2018 at 4:10 pm

    Alan, I thought you and indeed others may like to reflect on your great piece of work back in 2009 entitled “Where do all the failed regulators wash ashore”?

    Here is a link- https://bit.ly/2kB1VvM

    This will make the ‘Brotherhood’ mad all over again.

    Much of the social history of the Western world over the past three decades has involved replacing what worked with what sounded good. In area after area – crime, education, housing, race relations – the situation has gotten worse after the bright new theories were put into operation. The amazing thing is that this history of failure and disaster has neither discouraged the social engineers nor discredited them. To quote Thomas Sowell, Is Reality Optional? Says it all really!

    • Steven Farrall 31st May 2018 at 5:31 pm

      Pleased to see, Derek, that you have heard of Thomas Sowell. I employ his ‘three questions’ on a regular basis. And his views on the ‘annointed’ apply in the subject of this article in spades; doubled.

  9. Shouldn’t be surprised/dismayed, but it does make you question who is actually paying attention to the views of our industry professionals when you hear news like this! Clearly nobody in government.

  10. Steven Farrall 31st May 2018 at 5:26 pm

    I checked my calendar in case it was April 1st.
    This is a disgraceful appointment. A reward for abject failure.

  11. Julian Stevens 1st June 2018 at 12:53 pm

    Perhaps the single most shameful and obvious (to anyone who cares to look) blot on Sants’ record is that whilst he was CEO of the FSA he failed totally to do (or get anything done) about the banks’ unbridled orgy of PPI mis-selling. But, when you’re a member of the right club, such matters are quietly overlooked.

    • Steven Farrall 1st June 2018 at 6:32 pm

      Ah, I see your confusion Mr S. You will recall that the FSA (under Tiner) and honest and reliable Messrs Blair and Brown told us (i.e. the FS industry) to sell PPi – and I can prove that assertion. Nevertheless their is nothing intrinsically wrong with a conditional sale. And there can be no such thing as ‘mis-selling’ in a free society. Buying and selling are voluntary acts, unlike the FSA/FCA who rely entirely on coercion.

  12. In our world of political correctness, I wonder how many women applicants were brushed aside to make way for this man ?
    There seems to be an awful lot of press about the lack of women in top jobs….yet here we are a man with a lot of history of mostly failures, prone to stress related career absences, and probably lacks the respect of the vast majority of the financial services he aims to serve…..however, the biggest thought provoking part of this appointment is….. he went from top man at the FSA to head of “compliance” at Barclays……Uuuummmm do we need reminding of the huge fines they had pay for their practices ? and we would or could make the presumption, he was at the FSA when investigations were in full flow about the issues with the major banks ?

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