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Sir Hector Sants joins Financial Capability Board

Hector-Sants-speaking-in-2012.jpg

Former FSA chief executive Sir Hector Sants has joined a Financial Capability Board facilitated by the Money Advice Service.

Part of the MAS’s remit from the Government is to work in partnership with other organisations to develop a financial capability strategy for the UK which aims to improve consumers’ money habits.

The board was set up to develop and maintain this strategy, and met for the first time at the end of June.

The MAS acts as the secretariat for the meetings. MAS chairman Andy Briscoe chairs the board and appointed its members.

The board has an additional 17 members, including Sants, FCA director of strategy and competition Chris Woolard, Nest chairman Otto Thoresen and MAS chief executive Caroline Rookes.

Also on the board are Royal London chief executive Phil Loney, Lighthouse managing director Roger Sanders, JP Morgan head of UK funds Jasper Berens and Santander head of UK banking Steve Pateman.

Membership of the board, which meets quarterly, is on a voluntary basis.

A report on the strategy published earlier this year says the MAS will act as the “anchor organisation” for the strategy and will fund and host a secretariat to co-ordinate implementation. It will also put in place certain initiatives identified by the strategy.

It says the board will consist of “influential senior figures, acting as champions across the sector”.

Sants joined Swiss private banking group Julius Bear International as chairman at the start of July.

In May advisers criticised the decision to appoint Sants to head an investigation into bank competitiveness.

Sants, who presided over the regulator during the financial crisis and the RDR, is heading a team at global management consulting firm Oliver Wyman, where he is vice chairman and partner, and will publish the first review in autumn.

In November 2013 Sants quit his role as Barclays head of compliance and government and regulatory relations due to stress.

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Comments

There are 22 comments at the moment, we would love to hear your opinion too.

  1. Former FSA chief executive Sir Hector Sants has joined a Financial Capability Board facilitated by the Money Advice Service. And so it goes…..!!!

  2. How many people chocked on their coffee when they read that headline I wonder?

  3. There’s an oxymoron for you! A priceless headline.

  4. Absolutely disgraceful, the only thing this leach is capable of doing is picking up a pay cheque at our expense. The whole Regulatory Regime and its associated bodies are not fit for purpose, where there’s other peoples money, swine will gather

  5. How does this individual continue to hang on to the gravy train, particularly when everyone knows his employment history & stress capabilities!

    Are there any masons out there that can explain please?

  6. Hector Sants also presided over the FSA when he failed to curtail RBS from buying AM Amro depsite falling bellow minimum captial requirements, the last line of defence in that scenario. He has proven himself to be weak while at the FSA, then Barcleys….really is jobs for the boys obviously.

  7. “Part of the MAS’s remit from the Government is to work in partnership with other organisations to develop a financial capability strategy for the UK which aims to improve consumers’ money habits.”

    Maybe consumers money habits would improve if the cost of regulation and all of these unnecessary quango’s was reduced. We seem to have endless costly committees to consider why financial services is now so expensive that it just doesn’t make any sense for the majority of the population to do anything other than spend.

    Bless him, Sir Hector was the worst of the lot pushing through his beloved RDR against the advice of the industry and waving a cheery two fingers at the TSC when they questioned him.

  8. The jokes write themself. Thankfully for Hector i can’t imagine that it will be a particularly stressful job.

  9. Nice club to be part of, you scratch my back & ill scratch yours…….the whole thing stinks, all paid for of the back of the accountable others and the unaccountable ones who fail just go on and on and on and on the gravy train!!!!!!

  10. Whilst no great fan of the erstwhile head FCA honcho….in his defence, the article did say “voluntary”….?

  11. When this headline popped up on my e-mail I smiled broadly as I expected to read some witty comments as well as some disparaging, sarcastic and downright vitriolic ones.

    Thank you contributors – you didn’t disappoint. Rather brightened a dull day.

  12. “How many choked on our coffee…”
    Add me to the list. Must go and pick my teeth up off the pavement …

  13. Me for one! blooming short short-list they must have!

  14. It’s the Lords for him next then if he can reach the same standards in this job as he did in his last two.

  15. Roman Duzinkewycz 9th September 2015 at 4:50 pm

    Just missing two more members – Noddy and Sooty would raise the levels somewhat.

  16. Reminds me of a nursery rhyme
    Round and round the rugged rock
    The ragged rascal ran,
    How many £’s are in that?
    Tell me if you can.

  17. Farce truly it is the stuff of farce !!

    I see ol’ Otto has rocked up in another tidy little number too.

    Still on a positive note Caroline Rookes is on the board

  18. I had to check my calendar to see if it was April 1st, sadly it was not.

  19. What will this group actually achieve.

    Would like to see their expenses bill.

  20. I wish he was with Capability Brown-in a garden

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