What next for Hector Sants? After all, the cynics out there were correct in thinking that a big job would be lined up after the summer holidays with a bank or other financial institution for Margaret Cole.
But with so many high-profile FSA ex-executives having already pioneered this route, is there something rotten about such a journey?
After all, we should note that Government ministers are prohibited from working with companies their department may have had a relationship with for two years.
The advisory committee on business appointments, which looks at the position of all ministers who take up jobs after leaving Parliament, states: “Under the Ministerial Code, former ministers who want to take up any appointments or employment for two years after leaving office are required to seek advice from the advisory committee and must abide by that advice. Former ministers are asked to complete an application form.”
This protocol should apply to all those in high-profile regulatory positions, too, and it should be a high priority for the Treasury to put in place rules to stop such bedhopping, which has the potential for a commercial organisation to benefit from the possibly highly sensitive knowledge and intelligence that in this case Hector Sants has no doubt been privy to.