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Sants to be paid £500K plus benefits until end of year

FSA chief executive and future Prudential Regulation Authority chief executive Hector Sants is leaving the regulator at the end of June, but will continue to be paid his annual £500,000 salary plus benefits until the end of December.

The FSA’s annual report for 2010/11 shows Sants was awarded a total pay package of £806,810 in 2011. This is made up of a base salary of £500,000 plus a performance related bonus of £115,000, other benefits of £131,810 and pension contributions of £60,000.

Any benefits or bonuses to be paid to Sants are yet to be calculated and will be awarded in April. Sants typically donates his perfomance-related bonus to charity.

When Sants leaves the regulator at the end of June, he will be on gardening leave during which time he cannot take up a role with another organisation. Money Marketing understands Sants will be seeking a senior role but has not decided as yet whether this will be in the public or private sector.

Sants was also due to become Bank of England deputy governor as part of the regulatory restructure. His decision to step down means he will no longer assume the role at the Bank of England.

The shock departure comes two years after Sants first announced his intention to step down from the FSA in February 2010. He was due to leave in the summer of 2010, after three years in the position but agreed to stay on after the Government announced its plans to scrap the FSA and replace it with the PRA and Financial Conduct Authority.

Sants said: “When I agreed to stay on as chief executive in 2010, I committed to stay and deliver an orderly transition to the Government’s new regulatory structure. The project is now firmly on track and with the establishment of twin peaks within the FSA I will have achieved that goal.

“Now is the right time to hand over to those who will deliver the long term goals of the future PRA and FCA.

“I am proud of what the FSA has achieved during my time in charge, through what have been incredibly challenging times. I would like to thank all of my colleagues for their dedication, support and hard work. I know I leave the organisation in very capable hands.”

FSA chairman Lord Adair Turner says: “The major reforms made within the FSA since the financial crisis and the progress in delivering the Government’s plan would not have been possible without Hector. He is a truly outstanding public servant of great integrity and has provided the FSA with dedicated leadership and focus through extremely turbulent times.

“I am very sorry to see him leave but I understand his decision, now that he has delivered what he set out to achieve. I would like to thank him for all that he has done.”

Sants will leave the FSA on June 29. Deputy head of the prudential business unit and Bank of England executive director Andrew Bailey will become head of the prudential business unit when Sants leaves. Head of the conduct business unit Martin Wheatley will remain in his current role ahead of becoming the FCA chief executive when the regulatory restructure is completed.

The FSA says it will announce further management changes resulting from Sants’ departure in due course.

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Comments

There are 104 comments at the moment, we would love to hear your opinion too.

  1. bet this is the most commented story in a long time!

  2. If only he would do a Reggie Perrin then that would make my week.

    We can but hope.

  3. Best news in years 16th March 2012 at 11:07 am

    Finally he too has seen the writing on the wall with the disasterous consequences (both intentional and unintentional) of the RDR. Poor sod that going to tke over will be able to say to the TSC in years to come “it wasnt my fault it was my predecessor” “I am proud of what the FSA has achieved during my time in charge, through what have been incredibly challenging times”. What do you have to be proud about? You have devistated an entire industry. Anyone whose opening speech included the ophrase ” be afraid, be very afraid” should be ashamed of themselves. YOU WONT BE MISSED

  4. Flew BA recently because they were cheaper than the budget airlines and gave me breakfast, tea, coffee and a bag of ready salted crisps.

    Not sure quite what this has to do with trail commission though.

    Interestingly Nic liked the ‘bundled’ price that BA offered and not the ‘fully transparent’ offering of Ryanair.

    I suspect most clients liked the bundled approach and don’t really want much of this transparent complexity that is being imposed on them.

  5. So, there is a God up there, after all !

  6. Incompetent Regulators Award Team 16th March 2012 at 11:09 am

    @Darren. People like him have a bad habit or coming back like a ‘bad smell’

  7. Yippeeeeeeeeeeeeeeeeeeeeeee

    Is he going before the proverbial hits the fan?

  8. So Lord Turner thinks he is an outstanding public servant does he? May I beg to differ. He has always struck me as an arrogant so and so who is unwilling to listen to anyone who does not agree with him (ask the Treasury Select Committee). I have no great faith that those who come after him will be any better. I for one though will not be contributing to his leaving present; unless one includes all the money I have paid already in my fsa levies. Good riddance to him.

  9. …a truly outstanding public servant of great integrity???? He is none of those things.

    No one person has done so much damage to our industry and to the public as this man has managed.

  10. A nation mourns

  11. Bye Bye Hector. It’s been great. Which industry do you intend to destroy next? I understand that the UK car industry is doing quite well now – maybe you could go there. All those pesky dealers ripping off customers by supplying them cars and taking a cut for doing so.

  12. Re – Sants “He is a truly outstanding public servant of great integrity and has provided the FSA with dedicated leadership and focus through extremely turbulent times.”

    You have to admire how these nut jobs stick together.

    Unbelievable.

    I wonder which major arm of government he is going to screw up next ?

    Bank of England Watch out, He is coming !

  13. I would like to say thanks to Hector for guiding the industry through some traumatic and difficult times, but I won’t considering that he is the one who has single-handedly created and overseen the traumacy and difficulties. He has overseen a regulator that will become a national scandal in years to come, and I am not talking about the regulation of the banks, but the destruction of advice routes, savings and pensions, whilst increasing the cost for the consumer and not reducing the costs. Happy to see him go, but sadly I fear that he has something more lucrative lined up. Incompetent fool.

  14. “I am proud of what the FSA has achieved during my time in charge, through what have been incredibly challenging times. I would like to thank all of my colleagues for their dedication, support and hard work. I know I leave the organisation in very capable hands”

    Somebody owes me a new computer as I’ve just spat my tea all over this one!

  15. I for one will miss him. A really great guy, let’s all wish him well for the future. Hopefully he will get another job very soon. If not, can we agree to organise a whip round amongst IFAs as a gesture?

  16. I hope the Queen grants us a public holiday with this great news.
    On the other side- where is he going?

  17. (He is a truly outstanding public servant of great integrity and has provided the FSA with dedicated leadership and focus through extremely turbulent times.)
    Or my version, He is a truly outstanding none accountable over paid public nuisance who has overseen the worst banking crisis the UK has ever seen, destroyed lives and businesses in the IFA sector with his dedication to RDR and TCF, both of which have failed miserably.
    God help us, but know doubt some large bank will take him on and he will continue to destroy the reputation of financial services in Europe. Having gained a place on the [European Insurance and pensions Authority]

  18. Well I know its only 11.15 but what the hell i’m of to the pub to toast his exit

    I hope to see him on tuesday (my rubbish collection day) on his first day of his new job.

  19. So, where is he going?

    Of course, as a man of great integrity, he will surely depart the financial services sector, in order to avoid any possible conflict of interest with his previous role, and commit him to further low-paid public service.

    Dream on …..

  20. Don’t let the door hit your **** on the way out.

    Clueless. Overpaid. Inefficient.

  21. Between him and good old Merv, (the prophet and harbinger of doom), I fear for the Bank of England.
    I’ve heard of being promoted out of a job for incompetance, but this is ridiculous!
    Presumably his astronomical salary will increase and include huge uncontested bonuses (commissions)?
    When the bokk comes to be written in the future by some wise and venerable professor entitled, “The Economic Fall of Great Britain in the 20th and 21st Century” I think Hector will have a chapter all to himself.

    Roll on retirement!

  22. Gone? Gone? A miserable bodger of a man. Words genuinely fail me to describe the harm he has done to financial services, the huge debt he has put the whole country into and the countless jobs list and broken homes cost. Gone? He should be imprisoned for this! Gone? Isn’t he to become the Deputy Governor of the Bank of England? A most hated man indeed!

  23. OMG! The arrogance of the man… “I am proud of what the FSA has achieved during my time in charge…” What are yo proud of? You have wrecked an industry, been the cause of thousands of job losses in our industry so far with more to come, you have been responsible causing stress and hardship to thousands of advisers industry-wide, costed the indusrty billions with more to come and have single handedly sent our profession down a route that will lead to tens of thousands of lower icome earners to be priced out of the advice sector. What a great track record you have. You would have earned more respect if you just apologised for the calamity you leave behind and went on your merry way you arrogant bafoon

  24. utterly delighted 16th March 2012 at 11:30 am

    The book is now open

    Lloyds TSB 8/11 hot fav

    RBS 3/1

    Lord sants 9/2

    Barclays 7/1

    open new IFA NETWORK 250/1

  25. David Parkinson 16th March 2012 at 11:31 am

    Rats, sinking & ship! Maybe he can Captain an Italian cruise ship? Lets have a real laugh & get ED Balls up back!!!! or maybe Kermit?

  26. Don't be too happy 16th March 2012 at 11:33 am

    A major idiot leaves the FSA! He oversaw the worst banking scandle in history, ruined financial services, removed choice for ordinary people, allowed / allows Banks to rip people off with few examples made or their directors and have you all forgotten? He is to be the new deputy governor of the BOE!!!!! He will oversee our transition into a third world nation.

  27. So he is running away before he see RDR fiacso through til the end. The is still far too much change being implemented too quickly, that will be massively detrimental to clients. Will he now create a mess at the BoE

  28. Did someone say it was Christmas

  29. Gerald Lambourne 16th March 2012 at 11:35 am

    This had already been a good week – business is picking up, clients are more optimistic, spring is in the air and now this! Perhaps I need to re-think my atheism?
    What a wonderful way to start the weekend.
    If we are having a whip round for him then I’m in – I’d pay anything to see him go!
    Anybody know what his pay-off from the FSA will be?

  30. Does it matter if he stays or goes! regardless what the a### lickers say, the damage is done!

    All the same on behalf of my grandchildren’s inheritance and my sanity, I should like to say…I wish you very much the same, as you have delivered, with no empathy!

    Anguish, anxiety, sadness and depression.

  31. Clearly jumping ship before it hits the rocks in a spectacular way. Next year will be a nightmare for eveyone in the industry and consumers alike. I can guarantee that he will shortly resurface having been given a very well paid position within the banking sector.

  32. He`s after the MAS post!

  33. Is it possible he announced at this time where Budget News might take precedence in the media headlines so that he can slip out, virtually un-noticed and not be reported in the same way as Fred the Shred?

  34. Its times like these that IFA’s discredit themselves with some of these OTT comments. Hes gone, move on, your professionals, act like it.

  35. One word….’Deluded!’

  36. If this guy becomes a deputy governor of the BOE he may the become the Governor of the BOE!!!!!!!!!!!!!.
    Let him take his gold plated pension paid for from commissions and dissaper into the distance where he can’t do any more damage.

  37. AM, sounds like one of the a### lickers I mentioned. Get real AM these comments are from people who have been dumped on the rubbish heap! I suspect some IFS clients would be far harsher with their comments when they realise this time next year they have no adviser! Best you back off and let these IFA’s vent their frustration! Unless you work at the FSA!!

  38. So where is he off to? Which sector of business is he off to ruin next? Which sales-force is he off to destroy next by using erroneous information? Sadly, well-paid nasties have a tendency to keep popping up in places where they can cause further damage. I do not wish him well.

  39. @AM | 16 Mar 2012 11:40 am
    I have some sympathy with your view BUT this man has destroyed my prosperity along with many others and caused massive damage to the nation and to our industry, with unbelievable smugness and arrogance..
    It is utterly understandable that so many of his victims want to shout good riddance from the rooftops.

  40. “I am proud of what the FSA has achieved during my time in charge…” WOW what a looser.
    Missed the banking crisis, and the PPI scandal.
    Just wait till RDR kicks in and see how proud he is, just read about the interest only time bomb waiting to go off, which has been slowley ticking as long as we have had regulation, were was Sants?…………..

  41. AM- you are right of course, the comments on here are not especially professional BUT do you not think that it says something for this mans time at the FSA that 32 comments and counting later no-one has anything nice to say about him.

    Misguided and delusional is the nicest I can think of.

  42. Re. AM’s comment…It was acting like the silent professionals we are that allowed RDR to envelope the industry without so much as a whimper…I think it is entirely correct for advisers (not just IFAs’) to vent their spleens if they wish to do so, and with good justification, because being silent professionals has got us nowhere!

    If we have learnt anything from recent events, it is that we should speak our minds more forcefully and more often (and with a degree of unity for once).

    Go and be divisive somewhere else!.

  43. Hector Sants – What a cunning stunt!

  44. Ivan McCullough 16th March 2012 at 12:01 pm

    Watch this space I bet he has landed a big fat job with someone so he can use all his inside knowledge about the FSA to feather the nest of one of the big financial institions. It will all be about money you watch. No ethics at all !!!

  45. What took you so long? Somebody must have said something, like go now before you are pushed

  46. This is of course excellent news, but without wishing to put a ‘downer’ on the announcement, we need to be careful what we wish for.

    There are plenty more where he came from.

  47. Monsieur Reynard 16th March 2012 at 12:24 pm

    As one of my colleagues has pointed out, this news comes on the same day that it is announced that the Archbishop of Canterbury is also to resign.

    It’s clearly too much of a coincidence…..

  48. He could not handle any further scrutiny from the TSC, so decided to go before he was pushed.
    Wonder how big his garden is?

  49. I work from Newark, which is an anagram of what Sants is!!!
    Sorry AM, not very professional i know but i feel better.

  50. Rudolf Schnackenberg 16th March 2012 at 12:53 pm

    Leaving while there are still some IFAs left?

  51. Good riddance, I hate the man!

  52. http://www.fsa.gov.uk/about/aims/statutory

    The 4 objectives of the FSA:

    • market confidence – maintaining confidence in the UK financial system;
    • financial stability – contributing to the protection and enhancement of stability of the UK financial system
    • consumer protection – securing the appropriate degree of protection for consumers; and
    • the reduction of financial crime – reducing the extent to which it is possible for a regulated business to be used for a purpose connected with financial crime.

    Can Hector put his hand on heart and honestly say that under his watch the above 4 objectives have either been improved, or indeed achieved? In my opinion, he hasn’t achieved a single one of them.

    From what was supposedly previously one of the Worlds’ most envious financial regulators it has become a complete joke under his command. They do not care about consumers one little bit as already been proven over events of recent years.

    Good riddance in my book.

    To any MP’s that may read this, you MUST make the new regulators accountable, as this guy has taken the mickey out of you big time and is ruining a once great industry!

  53. He is probably a customer of Goldman Sachs! in which case they may give him a job. Failing that he could always give A4E a call.

  54. To apply some balance.

    Read another article – George Osborne, Mervyn King and Lord Adair Turner are all sad to see him go.

    I’ll go and get my straight jacket now and join that box of frogs in the garden

  55. I just loved Tricia Yates short comment at 11:56 but her spelling is atrocious….

    Is this departure really such a surprise?

  56. North Korea?

  57. Going bank to UBS I bet or some other Bank

  58. The information that Sants will receive £500k between now and the end of the year is really taking the p*** out of advisers and also out of the consumer. This is a man that has overseen the banking crisis when he should have been acting well before then, seen the public slaying over people like Fred Goodwin when he has also very much ahd his own face in the trough. And where he is looking for a much higher degree of ‘professionalism’ from the adviser community and greater ‘ethics’, this in itself shows that it has all been a one-way street. How can any adviser in his right mind ever take the regulator seriously in this country. Hector Sants, the greatest leader of men since Lord Kitchener! Over the top anyone?

  59. @ Tricia Yates 11.56

    Deeply, deeply unprofessional, but didn’t you mean to write “cupid”, rather than “cunning”?

    What are the odds on him joining Capita, following the Arch Cru stitch up?

  60. Mr Sants Leaving speech that he should give

    I wish I could say I did a great job but I can’t

    I wish I’d apologised for ALL my mistakes and learnt by them – but I can’t

    I wish I could say I was my own boss with no vested interest – but I can’t

    I wish I could say I left financial services in a better state than when I came – but I can’t

    I wish I could say I deserve my golden handshake and pension payments – but I can’t

    and finally I wish all IFA’s well and I hope your businesses grow from strength to strength- no I don’t!!!!!!!

  61. Darren, I’m not surprised “To apply some balance. “Read another article – George Osborne, Mervyn King and Lord Adair Turner are all sad to see him go.”
    Although Hector was in charge, he was aided and abetted by these other fools including G Brown et al.

  62. didn’t want the job but took ( and am taking ) the money………..Can I volunteer ?

  63. Fair do’s chaps- at least he hasn’t got the cheek to take his performance related bonus (he donates it to charity) in addition to the massive pay deal he has received. Hang on though, on reflection this clown just might not receive that much bonus at all given that it is a performance related bonus. Sorry, hang on again as this performance bonus might be based on how many IFA’s he has put out business in this/next year. Substantial amount then.

  64. I expect they are looking to fine a few more businesses to pay for his leaving present

  65. Resigned or pushed ? dont really care

    I would be a nice leaving present if they put his salary and bonus towords the levy we have just been handed seeing as it was mainly down to his and the FSA incompetence.

  66. The gardening leave should be enough time for him to write his autobiography. We might learn what his objectives have actually been, though I suspect we may need to wait thirty years to find that out.

    I think the book would sell too, every IFA could have a barbecue or other party where burning Sants was the theme!

  67. Great that he pays his bonus to charity. But how is bonus calculated, on the amount of fines distributed, or on the numbers of IFA that leave the industry… Just wondered?

  68. John Pain, Margaret Cole, Hector Sants. When we reach 20% we may find that figure an acceptable cull.

  69. Overpaid
    Over rated (certainly by Turner)
    & Overdue departure !!!!

  70. If I’d been in David Cameron’s position, the e-mail Sants is alleged to have sent all FSA staff on election day would have been the final straw and he’d have been sacked for gross misconduct.

    Action too late in the day on PPI, such poor oversight of banks that our country nearly went pop, the great debacle of RDR which is yet another FSA accident waiting to happen. Good riddance.

  71. P.S. Performance pay and bonus? What performance? Excellence in beggaring the economy?

  72. Tricia – learn how to spell – innit!

    About time one kick started the MP’s to re-look at this whole space. If the RATS cannot be bothered to stay around to see the birth and consequence of their RDR, then a fundamental review should be mandatory.

    These people are: Greedy, Spineless, Vindictive, Pernicious, Disingenuous, Gratuitous, Pathetic, and Deeply Flawed.

  73. There’s more to it than we know now, why has he handed his jotters in now? Watch this space, we’ll still be laughing when we’ll find out the real reason! Be afraid, be very afraid…

  74. I assume the Queen will declare a national holiday for all IFA,s the day he switches the light out and goes.

  75. Yes, the payoff is sickening and it sounds as though he is still heading for the PRA and the BoE.

    It is amazing that there is not one serious comment here in support of this smug and arrogant greasy pole-climber.

  76. Reginald Perrin 16th March 2012 at 3:39 pm

    I’m sorry I did what I did.

  77. Heck of a stance 16th March 2012 at 3:43 pm

    “Is there nobody out there that appreciates my success story for such a insignificant wage? I’m afraid, very afraid”

  78. Lord Turner :”now he has achieved what he set out to achieve”

    He did not add “whatever it was”

  79. The Queen has granted a 1 day holiday in June to cellebrate.

  80. Performance related bonus???????
    Pension contribution £60,000, my Clients can only put £50,000 to pension. Not counting carried forward/pension input periods!!!!!!!

  81. It’s just a shame he won’t be joining thousands of post RDR soon to be ex-financial services employees in the dole queue. Good riddance to you Mr Sants!

  82. I think that he should be knighted without further delay.

    That way, we can all enjoy the moment when the fruits of his labour hit the proverbial fan, and he is summarily stripped of his knighthood.

    Personally, I think that hanging is too good for him …… or is that a bit too Jeremy Clarkson?

  83. Can any chartered IFA explain how when you resign you get awarded £500,00 as its beyond my qualification?

  84. Come on guys…don’t give up now.

    I want to see 100 offensive comments about Hector Sants before 5pm.

    We can achieve this goal if we all pull together.

  85. @Soren

    Yes, for once the IFA community can unite in common purpose!

    100 offensive comments today ….. and by next week, we’ll be strong enough to storm the FSA’s offices!

    Viva la revolution!

  86. Now you guys, stop bullying Hector. His lack of judgement is not his fault, it’s endemic.
    Just look at his bosses last statement:
    FSA chairman Lord Adair Turner says: “The major reforms made within the FSA since the financial crisis and the progress in delivering the Government’s plan would not have been possible without Hector. He is a truly outstanding public servant of great integrity and has provided the FSA with dedicated leadership and focus through extremely turbulent times.

    “I am very sorry to see him leave but I understand his decision, now that he has delivered what he set out to achieve. I would like to thank him for all that he has done.”
    Told you, lack of judgement

  87. Outrageous that this idiot who has done so much to destroy the industry is being paid still. I just give up on the UK Financial Services Industry

  88. While at the helm his FSA has failed to protect the consumer, the industry or the British economy. He should be put up against a wall !!!!

  89. From WikiPedia:-

    Garden leave (or gardening leave) describes the practice whereby an employee who is leaving a job (having resigned or otherwise had his or her employment terminated) is instructed to stay away from work during the notice period, while still remaining on the payroll. This practice is often used to prevent employees from taking with them up-to-date (and perhaps sensitive) information when they leave their current employer, especially when they are leaving to join a competitor.

    Employees continue to receive their normal pay during garden leave and are covered by any contractual duties, such as confidentiality agreements, until their notice period expires.

    The term can also be used when employees are sent home whilst subject to disciplinary proceedings, when they are between projects, or when, as a result of publicity, their presence at work is considered counter-productive.

    The final paragraph appears particularly apposite as far as Mr Sants is concerned. Maybe the RDR really is a bridge too far and will founder on the final furlong.

    As for Adair Turner’s glowing eulogy to this “truly outstanding public servant”, in which he refers to his buddy Hector’s outstanding contribution to “the progress in delivering the Government’s plan”, does this not yet again expose the Great Lie, so regularly peddled by Mark Hoban, that the FSA is independent of the government?

    The FSA is a puppet of the Treasury and the FCA will be even worse, a public sector quango funded by the private sector, with a manifestly prejudicial agenda against IFA’s. One need look no further than what the FSA is doing to us via the FSCS.

  90. We should petition the BBC Panaroma to do an exposé of the FSA, HECTOR & cronies and the MPs involved. That would in my opinion be a worse exposé than the expenses scandal. Some BBC reporter could really cut their teeth on this and make themselves a household name.

  91. I thought it would be important for me to read the comments made by advisers after the announcement of my departure from the FSA and I was pleasantly surprised that only 82 out of an adviser community of 28,000, (shortly to be less than 20,000), commented, which proves to me that they vast, vast majority of advisers have approved of my tenure, even those who are frankly not capable of lasting into RDR. I thank the silent majority for your support. It has been a pleasure to be your servant for the last five years and it has been a pleasure to build up my bank balance and pension funds during that time off the back of your levies. It has been even simpler than masquerading as a Nigerian prince fleecing unsuspecting idiots into parting with their bank details in the hope of gaining a few quid! Instead I just convinced those incompetent pillocks Blair and Brown that my intentions on consumer protection was sincere, although I almost got found out with those pesky kids at the banks who almost blew it or me! But my sincerity pulled through, so I’ve got enough cash in the bank now and will disappear to some Caribbean recluse before the S**t really hits the fan with the PPI scandal, payday loans scandal, and a few other things that I have hidden out of sight!

    So thanks for the cash and the ride and the cash! So long suckers!

  92. I still can’t get my head around bonuses being paid when there have been monumental failings. I wish I could get a role at the FSA and not have to worry about targets or under achieving knowing that I’d still be rewarded with a bonus. I wish someone would take some responsibility for this going forward because these salaries can’t continue, its just laughable, you couldn’t make this stuff up. If the new regulator is going to gain any sort of respect from the industry going forward there’s got to be massive changes. Although we all know that or these underachievers at the FSA (I’m sure there are some competent employees) will just turn up as usual on the following Monday after the rebranding as if nothings changed. Happy Days

  93. Regulatory arithmetic under Sants/Cole et al:

    Periodic failures = fact of life. A normal and healthy part of the financial ecosystem

    Periodic failures + political pressure = Backward looking regulatory agenda + extra statutory power

    “Muppet” regulator + too much statutory power = repeated failures, each caused or made worse by the regulator

    Muppet regulator + too much statutory power + repeat failures = need to bend rules + seek yet more powers

    Power corrupts. Absolute power corrupts absolutely

    “States within states increasingly display the vices we associate with the Soviet nomenklatura in the Brezhnev years and the Stasi – thorough, comprehensive nastiness, feathering of their own nest, declining effectiveness, increasing subordination to powerful outside interests matched by vicious playground bullying. We are seeing all of this with the FSA.”

  94. Hickky 5:11 pm

    You are right the idiocy that prevails is endemic. Of course it starts at the top and filters its merry way down the chain so those empowered at the bottom start believing they know it all. How many compliance officers will have ever sat in front of a client and tried providing a real solution to their problem, or helped them fulfil their aspirations? Not very many I’ll bet but they’re all armed with their checklists and know better than you or I. I for one would like to know what Mr Sants did in his daily employment to be worth over £800k a year. When the Financial Services Act raised its ugly head back in 84 I instinctively knew we would end up with a top heavy regulator knee jerking at every small incident but allowing calamity after calamity to go unchecked within the banking sector. The fines being levied against the worst offenders are chicken feed compared to the damage they’ve created and the profits they took at the same time.
    Instead of being proud of what he’s achieved at the FSA he should hang his head in shame at the mess he’s allowed to develop, but these guys never own up to anything they just walk away with large pay outs and gold plated pensions. Of course the rest of the motley crew will praise him to the high heavens but they’re just as culpable and whoever replaces him will be no different.
    I despair at the stupidity of this industry and not hearing the stupid name; Hector Sants is at least something albeit I know nothing will change.

  95. Rudolf Schnackenberg 19th March 2012 at 10:44 am

    Where are all the Sants’ Sycophants? All those so-called fee-based IFAs? Come on out. Let’s see some support for your man!

  96. “hector sants is a sir” … “a narcissist thosser”
    not perfect, but close enough

  97. I think that you are all rearly mean

  98. I am 80 this year and have served my clients diligently and honestly for decades. In all that time I have received just four complaints none of which was upheld

    Many of those clients do not understand today’s financial services and are lost without my advice and they treasure my twice yearly visits or when the wish to know that “my money is alright”. I do this knowing there is precious little prospect of any new business; it is simply a matter of honourably discharging my promised obligation to them.
    (Could you expect any one else to take them on?)

    However, as of 31December I will no longer be able to advise them. My attempts to regurgitate the whole of the pension legislation in two short hours proved to be misguided notwithstanding 125 ( yes,125) hours of private study. As such, the Diploma is not in prospect and thanks to Mr Sants and his cohorts, 30 years experience is flung into the long grass without consideration) .

    So, Mr SANTS, on behalf of all my ageing clients, may I thank you for depriving them of the service they so badly need, and thus making them more vulnerable. Which of the Govts aims did you fulfill in this instance?

  99. Why have you not printed my comment?

  100. Aside from all the personal vitriol, we don’t actually know the reasons for Hector’s decision to quit. It might be that he’s so sick of the whole corrupt, misrepresented and politically manipulated edifice of FS regulation that he feels he just wants to get the hell out and do a proper job.

    I dunno ~ but this scenario is at least possible, isn’t it?

  101. Julian Stevens | 20 Mar 2012 9:10 am

    et al

  102. Lets give the BBC a little lead and a fitting send off to this idiot, e-mail panorama.reply@bbc.co.uk and suggest they have a look at the comments here I have just done this

  103. @ Mr wingco1.08 pm 19 March. This story should get some publicity. Let me see what I can do with it: k.durkin@btconnect.com

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