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MAS welcomes Sants appointment as guidance body chair

Hector Sants

The Money Advice Service has welcomed the appointment of former FSA chief executive Hector Sants to run the government’s new Single Financial Guidance Body.

Sants left the regulator before it became the FCA in 2013, and has taken on roles with Barclays, management consultancy Oliver Wyman and debt charity StepChange since then.

While no official announcement was made and a chief executive is yet to be appointed, government job notices yesterday revealed he had been selected to chair the incoming single financial guidance body, which will merger MAS with The Pensions Advisory Service and Pension Wise by the end of the year.
He will have a pro-rata salary of £133,000, with the intention of working between two and two and a half days a week once the body is fully operational.
MAS chief executive Charles Counsell congratulated Sants on the appointment, praising his “experience across the financial services sector, his passion for improving financial capability, and his commitment to the provision of quality debt advice”.
Counsell says: “We look forward to working with him as we transition to the new single body, continuing to support the financial capability strategy and our customers throughout the UK.”
MAS chairman Andy Briscoe also congratulated Sants on the appointment, adding that he was glad MAS will be passed into “capable and committed hands”.
Briscoe says: “Warmest congratulations to Hector on his appointment. Hector has been a committed member of the Financial Capability Board, and we have appreciated his support over the years for financial capability and our work at MAS. I look forward to working with him as we hand over the reins to the new single financial guidance body.”


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There are 4 comments at the moment, we would love to hear your opinion too.

  1. Many of us have experience across the financial services sector. In fact, many of us a far better track record than Mr Sants.

    Of course, few of us have assumed the position and even fewer dwell in a £10m gin palace in Oxfordshire. Even fewer of us have had the temerity to ignore the views of the Parliamentary Commitee on Financial Services and commit acts of financial vandalism.

    • derek bradley 1st June 2018 at 5:35 pm

      Alan, is the very same HS who was suing a prospective buyer for pulling out of buying his previous gin palace in Worminghall, Bucks?

      An unusual state of affairs.
      He was claiming the £617,500 difference in his reduced selling price of his house plus claiming for extra marketing costs, legal costs, additional moving costs and extra running costs of the farmhouse of £31,399.41. He was also claiming interest.

      Costs claimed by Mr Sants include £795.44 wages paid to his gardener who ran the organic garden.

      Not sure if he won the case.

      You just could not make it up:)

  2. “Charles Counsell congratulated Sants on the appointment, praising his “experience across the financial services sector, his passion for improving financial capability, and his commitment to the provision of quality debt advice”.

    On the 28th June 1963, appearing as a witness in a now infamous sex scandal trial involving some very heavyweight politicians and aristocracy, good time girl Mandy Rice Davies said, “well he would wouldn’t he” in reply to a defence barrister putting it to her that one of the men on a certain list, Lord Astor, had denied any involvement with her.

    Should we expect anything less in defence of the appointment from the MAS?

  3. Nicholas Pleasure 1st June 2018 at 2:02 pm

    A very unwelcome appointment and a demonstration that the regulatory classes really don’t get it. Not only did Sir Hector upset advisers, he also insulted the Treasury Select Committee.

    He also has a history of stress related absence so quite why you would appoint him to a top role is a mystery.

    I don’t see this ending well.

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