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.