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FSA banking staff were BoE supervisors

FSA chief executive Hector Sants says it was former Bank of England employees within the FSA who led the areas where the regulator had operational failings.

Responding to a question at the NAPF investment conference last week on whether the FSA is best placed to regulate banks in light of recent calls by the Conservatives for it to be split or stripped of certain powers, Sants defended the current model.

He said: “I think there is always a tendency for media politicians when failure has occurred to think that the easy solution is to change the name on the door or reorganise the structure as opposed to taking difficult decisions, which are making real improvements.

“You could contemplate putting the whole of the FSA with the Bank of England but the idea of carving out banking regulation alone makes no sense to me and is not supported by the events of the last 18 months.

“In any case, I remind you of the fact that in the area that we had our operational failings, almost all those staff were former Bank of England supervisors – that was the Bank of England former supervisory division.”


Sants slams shareholders

Shareholders need to challenge senior management over companies’ business models and risk strategies, says FSA chief executive Hector Sants.

People on the move: Investment 19/03/2009

New Star UK alpha fund manager Tim Steer is leaving the firm to join Artemis. Steer is to remain with New Star through its transition process with Henderson, which is set to conclude in April, and will continue to run both the UK alpha and hedge fund Gemini until then.

Introducing Trevor Greetham

Ryan Medlock, Investment Proposition Manager, Royal London Royal London Asset Management’s (RLAM) new head of multi-asset is officially up and running. I want to look at what expertise Trevor brings to the table and how this affects the Governed Portfolios (GPs) and Governed Retirement Income Portfolios (GRIPs). Trevor Greetham joined RLAM in April 2015 from […]


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