Tuesday, Feb 09, 2010
We must be heading for another financial crisis
BBC: Hector Sants to step down from top FSA post
Hector Sants, the chief executive of the Financial Services Authority (FSA), has announced he is to step down as head of the City regulator. Media reports suggested he resigned unexpectedly last night.
Posted by jack c @ 11:40 AM (713 views) Add Comment
7 Comments
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1. little professor said...
Official statement:
“When I was appointed I told the board that I planned to serve as CEO for three years, and I intend to stick to that timetable. Of course, those three years have encompassed the most extraordinary circumstances for a financial regulator, and I am very proud of the manner in which the FSA rose to the challenge of dealing with such unprecedented turbulence across global financial markets. Moreover, I believe the FSA candidly examined the failings in financial regulation that contributed to the onset of the crisis, learned the lessons and has gone on to reform itself into a much stronger and better equipped organisation.
“The success of any regulatory structure depends on ensuring supervision is carried out by high-quality supervisors with sufficient resources and specialist support.
“I believe the FSA has made great strides in ensuring that such individuals are in place in the UK and I am sure that after I leave they will continue to do invaluable work to ensure financial stability and protect the interests of consumers.”
Adair Turner, chairman of the FSA said:
“Hector has given outstanding service and leadership through the turbulent last three years and has played a pivotal role in reforming the FSA into a truly effective organisation. He will leave behind an organisation with strong purpose and a clear strategy. We will be immensely sorry to lose him, but understand his decision to move on in the summer and wish him well in whatever he chooses to do after his departure. In the meantime, we will continue to work together to deliver the FSA’s reformed and intensive supervisory approach and drive forward the global regulatory reform agenda.”
2. bystander said...
.......probably see a headline that he has joined Goldman or such like within 6 months. The FSA just don't pay big enough bonuses.
3. jack c said...
His predecessor got the following send off
Party piece that goes on and on…
Following my stories about the guestlist and cost of John Tiner's brace of leaving bashes from the Financial Services Authority, an independent financial adviser writes: "You may think that the latest tomfoolery from Canary Wharf is mildly amusing, but for me and many other small IFAs, we are incandescent with annoyance.
"If we understand correctly something like £11,000 was spent on two leaving do's.
"This amount may be considered a flea bite in the context of the FSA budget, but as you so rightly point out - it ain't their money. For many, £11k is a very significant and considerable sum.
"The amount of consultations, edicts, rules and red tape emanating from our regulator sometimes has the feel of a pogrom. The timing of this revelation could not have come at a worse time when we all have just received our annual bills from the FSA." Ouch.
SOURCE www.telegraph.co.uk/finance/comment/citydiary/2814461/Business-Diary-Principled-Nicos-gone-but-he-outlasted-sell-out-Blair.html
4. Crunchy said...
Another suicidal Phil Jones? The drawbacks of a conscience or cut whilst one is ahead?
This is no difference to politics. It was the old guys fault, but I will continue with the same agenda anyway.
Let's hope the bozos will not catch on untill a few more years pass and we are at a point of no return.
5. mr g said...
What has this man achieved?
Sweet FA but there's sure to be a golden handshake for him.
Bullsh*t Britain aka Fantasy Island!
6. hpwatcher said...
Perhaps he has decided that there isn't much of a future at the FSA......
7. deepak said...
Bet you he will be hired by a bank for a million + salary by the end of the year.