Results tagged “hector sants”
Former FSA watchdog Hector Sants is to become head of compliance at Barclays, liaising with regulators and monitoring trading.
The move comes after the Wharf-based bank was caught up in a major scandal over the manipulation of Libor, the interbank lending rate.
The Financial Services Authority's chief executive has defended the restructuring of financial regulation even though his own organisation is set to disappear.
Hector Sants told the audience at the FSA's annual public meeting yesterday that the new regulatory structure was needed - even if the banks don't like it.
The Financial Services Authority is asking for over £450million to carry out its supervisory duties for the next year.
The Wharf-based regulator wants £454.7million to pay for its more "intensive and intrusive supervision of businesses. It represents a 9.9 per cent increase on last year's figure of £413.8million.
Hector Sants is to leave his job as chief executive of the Financial Services Authority in the summer.
The Wharf-based financial watchdog announced today that Mr Sants will step down after three years in the job, a period which has seen increasing criticism of the FSA's regulatory role, particularly when the credit crunch hit the banking sector in 2008.
The Financial Services Authority defended its role as a watchdog when its top brass faced the public this morning.
Lord Turner and Hector Sants, respectively chairman and chief executive of the Wharf-based regulator, were bullish about past performance and the FSA's future at the annual public meeting in the City.