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Ex-FSA chief Hector Sants in talks with Deloitte

by Michelle Abrego on Dec 04, 2012 at 13:14

Ex-FSA chief Hector Sants in talks with Deloitte

Former Financial Services Authority (FSA) chief executive Hector Sants is in talks with accountancy giant Deloitte, according to reports.

Sky News has reported that Sants, who left the FSA in June, is in talks to become an equity partner at Deloitte.

Sky reported that Deloitte has made Sants an offer. If he is to accept the post he would advise clients across a range of industries including banking and financial services, it said.

Sky said that people close to Sants said that he was considering a number of options and would not make a decision until his gardening leave from the FSA expires at the end of December.

Sants first announced his resignation as the head of the FSA in February 2010 but stayed at the regulator in order to ease the transition into the twin peaks model, finally announcing plans to step down again in March 2012.

32 comments so far. Why not have your say?

Jonathan Kirby

Dec 04, 2012 at 13:34

That's cosy then considering all the work they did for the FSA

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Dec 04, 2012 at 13:41

This appears to be a provocative article....

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alan from perth

Dec 04, 2012 at 13:54

I suppose he will be saying to his staff, "be afraid, be very afraid"

Typical jobs for the boys and hopefully now we will get a regulator who might actually listen to reasoned arguments, discussions and work to getting rid of those cowboys and crooks

Then again.....

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David Curley Dip extrodinaire

Dec 04, 2012 at 13:59

Old boys club membership works again, are these the same Deloittes who create and arrange 'tax avoidance' schemes for High net worth and corporations?

Seems to me the double standards and a@se wiping down in the city and to the east continues inspite of the current financial climate

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Dec 04, 2012 at 14:00

What a surprise, gamekeeper becoming poacher!

What Hector needs is some serious Jail time to repay the country for the billion pound frauds, banking scandals and ill thought out regulation that occurred during his tenure. Add to thisthe outright ridiculous salary he obtained by saying he was compentent, then proving just the opposite.

No doubt he will be made a Knight in the new year, when all that is really needed is 'nighty night Hector'.

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Barney Stackhouse

Dec 04, 2012 at 14:12

Isn't this called the 'revolving door' process.

Great for those who manage to get themselves on to the magic self re-inventing conveyor

I concur massively with Hickky. 'ector and his 'oppo's have collectively failed, over the years, to regulate or prevent ANY of the problems brought about the dodgy practices of some major f s organisations.

Oh but I am so cynical!

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sol trader

Dec 04, 2012 at 14:14

Twin Peaks has been described as a Surreal, Dream-Like mystery...

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Steve Holloway

Dec 04, 2012 at 14:15

Not suprising! Immoral - yes, un ethical - yes, un earned -yes, not qualified most definetly

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Dec 04, 2012 at 14:21

On the same day another 150 jobs are lost at a provider (FL), I think that maybe 3 providers in the last week.

Mr Sants left a lasting legacy on this industry.. a bit like Beecham did for the railways! Thatcher for steel/mines etc

It would be good if someone would put together the numbers of lost jobs so far. Whether you agree with the RDR or not, no-one can support the loss of good quality jobs not least the treasury.

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Dec 04, 2012 at 14:22

Thought he had crawled down a hole somewhere.This idiot has caused me no end of grief and stress this year, I hope he gets the same at his new role, watch out out Deloitte.

Am I too cynical but just what is he qualified to do ?

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Shane Barr

Dec 04, 2012 at 14:28

seen that coming a mile off

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Jenny N . I FA

Dec 04, 2012 at 14:33

I pity Deloitte's.

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David Curley Dip extrodinaire

Dec 04, 2012 at 14:36

Sammie, he is qualified to join Deloittes by way of having Masters in brown nosing and buls@it. He can con the knickers of a nun.

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Dec 04, 2012 at 14:43

Slopey Shoulders (not me Guv) Sants scores again - another big fat juicy salary and pension with plenty of freebies for our Hector.

Not since Dan Quayle has anyone been so totally incompetent and yet risen so high as our Hector.

He would wear a frock and tango down Canary Wharf if he thought it would get him another grand or two.

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Man in Black

Dec 04, 2012 at 14:45

He may be 'qualified' to join Deloittes. But they are obliged to ensure that their partners are fit & proper - which Hector is not.


Jail time? Or may be a serious time in the stocks so that the general public can repay him for past injustices by throwing e.g. rotten fruit or anvils at him.

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Graeme Ferguson

Dec 04, 2012 at 14:52

they could ask 45000 ifas for a reference....

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Dec 04, 2012 at 15:01

OK, so the FSA have just censured Capita for the crap-shoot that was CF Arch cru (but no fine?).

We'll probably see Deloittes having a pop at the FSA for not monitoring what Capita were (not) doing, now that he's done a bunk from the the FSA and joined them.

Equity partner eh? The last time I heard the term Equitable, it was about another F@k-up that the government of the day couldn't resolve.

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David Cathcart

Dec 04, 2012 at 15:08

Shocking, truly shocking

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Dec 04, 2012 at 15:11

Join in the chorus, all together now "The wheels of the bus go round and round"

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Eden W

Dec 04, 2012 at 16:01

The best-qualified person to draw a map of the maze is the person who drove the tractor, cutting down valuable crops to create something society did not need but for which the tractor driver can put up lots of signs and sell expensive maps

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Arthur Schopenhauer

Dec 04, 2012 at 16:21

Didn't his Dad work for HMRC as there image of the 90's when we were all customers rather than tax avoiders Also called Hector

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David IFA

Dec 04, 2012 at 16:23

Roll up, Roll Up All Jobs for the boys club !! Anyone who can make a mockery out of democracy like Sants did with the TSC appointed by Parliament was sure to get top dollar bid !! Fill yer boots time me thinks.

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PD Off

Dec 04, 2012 at 16:25

If he does to Deloitts what he has done to Financial Services under his arrogant incompetent tenure,

Then if I were them, I would be afraid, be very afraid

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Andrew Newman

Dec 04, 2012 at 16:28

They should be afraid....Very afraid

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Jonathan Kirby

Dec 04, 2012 at 16:30

@ Graeme Ferguson

You could have asked 45,000 IFAs perhaps before he arrived at the FSA.

I don't think there will be a third of that amount come January.

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Bob Donaldson

Dec 04, 2012 at 16:35

Come on now, at least he is going to do damage elsewhere and perhaps he will end up in a job where he is on the receiving end of the regulation.

This merry go round is a bit like MPs everyone is lining their nest with a view to the next job. This is why regulators don't understand advisors. Most advisors are not looking at the next job but at the clients we have long term relationships with.

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Usually found sitting on the fence

Dec 04, 2012 at 17:08

Perhaps Deloitte have done their homework and he is the best individual for the job... Just a thought, after all, his knowledge of the FSA and RDR may prove useful!!

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Robin Hood

Dec 04, 2012 at 19:00

The FSA have an ethics code!!!!, ti seems that when you leave, so does the code, there again did he abide by it?

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David Curley Dip extrodinaire

Dec 05, 2012 at 09:31

Usually found, you could be right, insider information on what the FSA /FCA are going to do next will be very useful for Deloittes so that they can circumvent the regs to their own advantage.

Funny that NMA have done a piece on the movers from FSA to the City, showing that they are nearly all self centered gits who do not give a toss about anyone else but themselves

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Richard Hardy

Dec 05, 2012 at 13:06

How do you get into the 'Golden Circle'?

Any other mortal who had sat and watched the industry he was employed to oversee virtually collapse would be unemployable!

I suppose it's like Premiership football, spend a couple of hundred million on players, no success, get sacked, walk in to another million pound a year job.

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John Smyth 3

Dec 06, 2012 at 11:07

@ Richard Hardy

Come on Richard you know how to get into "Golden Circles".

Private school, Good spoon fed A Levels and the right accent, Oxford or Cambridge (Subject studied doesn't matter just become pals with the ones you think have good connections.)

Career politicians is another profitable circle to get into where you don't have to have gone to a private school or Oxford or Cambridge, although they would help, any old university will do and any old subject, do an internship with some MP then become a business adviser with Saatchi & Saatchi or PWC, KPMG etc. despite never having been in any business like Chloe Smith MP (English Lit) or the Labour party's Luciana Berger MP (Commerce & Spanish admittedly a bit more relevant than English Lit.). We have two of these in Northampton. One is the leader of our Borough Council in Northampton and the other is our the newly appointed PCC who hero worships "Jeffery Archer".

Our country is full of incompetents and self interesteds in high places and becoming more so because they promote their own kind and are breeding like rabbits.

Give your children this wise advise.

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Arthur Schopenhauer

Dec 06, 2012 at 11:16

@ John Smyth 3

Which is a recipe for what Comrade?

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