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