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Ex-FSA chief Hector Sants joins Barclays
by Michelle Abrego on Dec 12, 2012 at 11:17
Barclays has appointed former Financial Services Authority (FSA) chief executive Hector Sants to the newly created role of head of compliance and government and regulatory relations.
Sants will take up the position on 21 January 2013. He will join the executive committee of Barclays and report directly to group chief executive Antony Jenkins.
Sants responsibilities will include oversight over all compliance activities across Barclays, including all regions in which Barclays does business.
For the first time in the history of Barclays, all compliance staff within the bank will report to one individual, while also operating independently of business and regional management teams.
Sants said: 'I left the FSA with the intention of finding a role which would allow me to put into practice the experience I have gained in both the public and private sector.
‘Taking on the responsibility of leading Barclays global compliance function, and overseeing the bank’s relationships with governments and regulators, gives me that opportunity.
‘I am delighted to have been asked by Antony Jenkins to create and implement a new compliance concept and approach which will be central to the cultural change which is already underway at the bank.’
Last week, Sky News reported that Sants was in talks with Barclays and accountancy giant Deloitte.
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.
Jenkins said: 'Relationships with our regulators and governments around the world are obviously of critical importance to us. We must apply a renewed leadership focus on these to make them as constructive and productive as possible.
'With a huge wealth of private and public sector experience, and having most recently led one of the world’s pre-eminent regulatory authorities, I can think of no more suitably qualified person than Hector Sants to take on these challenges.'
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by Jun Merrett on Jun 20, 2013 at 11:16
43 comments so far. Why not have your say?
EURYN OWEN
Dec 12, 2012 at 11:21
On your marks, get set, go!
report thisGreg M
Dec 12, 2012 at 11:24
How cosy.
report thisMan of Kent
Dec 12, 2012 at 11:31
Thought there was a position going at HSBC?
report thisMichael Brown
Dec 12, 2012 at 11:33
What a Wonderful World he lives in.
Still, hopefully out of my hair!
report thisCompliance Bloke
Dec 12, 2012 at 11:34
Barclays - be afraid, be very afraid.
However, with Hector in the house, no doubt you will be able to avoid any further pesky fines!
Jobs for the boys, anyone?!
report thisMan of Kent
Dec 12, 2012 at 11:35
"...all compliance staff within the bank will report to one individual, while also operating independently of business and regional management teams."
I guess annual appraisal season will be busy for HS but he certainly has experience of working (completely) independently.
report thisArthur Schopenhauer
Dec 12, 2012 at 11:39
Beam me up Scotty there is no intelligent life down here
report thisMike Morley
Dec 12, 2012 at 11:41
Working for the FSA - the job that just keeps on giving
report thisBig Ed!
Dec 12, 2012 at 11:42
Jobs for the boys!
Create inadequate road signs and vehicles, watch the inevitable car crash, leave someone else at the crossroads to sweep up the glass. Join the governing body of Formula One. FSA = Financially Secure Appointments.
Barclays is obviously taking a leaf out of Capita's book.
report thisThe FSA Fan Club
Dec 12, 2012 at 11:47
With a track history of failing to spot anything at all, no wonder Barclays signed him on as their Compliance guy. Perfect!
report thisNick
Dec 12, 2012 at 11:50
Jobs for the boys!
report thisJames Barr
Dec 12, 2012 at 11:51
he starts the fire then becomes a fireman brill
report thisJulian Stevens
Dec 12, 2012 at 11:55
The first screw up on Hector's watch that results in the looming threat of a hefty fine from the FCA will be interesting to observe. After all, the FSA under his watch hardly ran like a well-oiled machine, did it?
report thisstephen lyth
Dec 12, 2012 at 12:01
He couldnt have spent his bonus already........surely ???
report thisEURYN OWEN
Dec 12, 2012 at 12:01
What next? King Herod appointed as Chief Babysitter!
report thissol trader
Dec 12, 2012 at 12:02
Obviously, I would like to wish Mr Sants the best for his new job. It looks as though his role of Chief Shepherd to one herd of cats is being being moved to another herd of British Blues and this is likely to be a tough challenge. Still, pay and benefits are probably good.
I am sure his previous management experience taught him the old Stalwarts "Robust Processes" and "We will learn from our mistakes" and these should stand him in good stead in the foreseeable future..
report thisParaplannermatt
Dec 12, 2012 at 12:03
Diamond to the FCA
report thisLosing the will
Dec 12, 2012 at 12:09
Pretty shrewd move by Barclays though.
Their own, in house, direct line to the powers that be, very nice!
report thisJames Clancy
Dec 12, 2012 at 12:10
Dear Hector
Congratulation on you newly created position in Barclays.
My mother was perfectly correct all those years ago .She often wondered why I set business up. A financial planning
She was perfectly spot on when she stated the only way to get on now a days.
Become a public servant
Make a name for you self.
Get out before the provable hits the fan.
Persuade some idiots in large corporation that you can add value.
Hector old boy you will certainly have some jealous and disparaging comment made about your new position.
report thisJohn Burchett
Dec 12, 2012 at 12:12
Think I might change my Bank
report thisl'ifa passeport en provenance de France
Dec 12, 2012 at 12:12
head of compliance and government and regulatory relations.
Should there be two and's , is this a cryptic message me wounders?
report thisTrevor Whiting
Dec 12, 2012 at 12:19
Good Luck Hector
report thisJonathan Kirby
Dec 12, 2012 at 12:20
One wonders if he has now left behind those Christian values which led him to want to give something back!
Given his track record, although we are not allowed to advise on shares, I don't think I would suggest buying Barclay's any time soon!
report thisGlennCC
Dec 12, 2012 at 12:54
Hector
Geesajoab!( l'm just jealous)
He's seen his three Christmas's Past, Present and Future... not quite what Mr Dickens envisaged., he's opted for another alternative.
report thisArthur Schopenhauer
Dec 12, 2012 at 13:25
@John Burchett
Not the wrong bank the wrong country
time to fly south
report thisBob Donaldson
Dec 12, 2012 at 13:58
Maybe Barclays is looking at getting an easy ride from a compliance standpoint as the FSA will think that they have a leading light at the helm!
The Titanic didn't see the iceberg either!
report thisVive la Revolution
Dec 12, 2012 at 14:00
Seriously, how does the guy sleep at night. His wife must go through some brasso rubbing that neck.
report thisJonathan Kirby
Dec 12, 2012 at 14:08
Just read elsewhere that he will be 'accountable to the group chief exec'.
Not sure if he will be able to get used to the idea of being accountable to anybody!
report thisYou must be joking
Dec 12, 2012 at 14:08
Gents
You're all being way too cynical, Barclays was always going to be Hector's choice.
Think about it, they've been pretty much hauled over the coals for all possible compliance failures over the last couple of years (LIBOR fixing, SWAPS mis-selling, PPI mis-selling spring to mind) so Hector will be joining after all this has come to light.
Should give him a year or two before Barclays come up against the FCA (by which time Hector will probably have moved on!)
report thisKnowledgable insider
Dec 12, 2012 at 14:28
Hector - the moral crusader - you couldnt make this up. Well done Barclays he may be pretty useless but he does benefit by knowing all the staff at the FCA should keep you out of any further trouble. Its beyond me why this dopey government allows such things to occur ...its obvious what going on here even if Cameron/Osborne choose to ignore it all.
report thisArthur Schopenhauer
Dec 12, 2012 at 14:48
Simple if he had been a general he would have gone to work for BAA system
report thisJohn Smyth 3
Dec 12, 2012 at 15:12
Come on Guys get smart !
It is his reward for doing everything the banks wanted him to do. He most certainly did not fail them. He was one of their placemen.
Turned two,not one, blind eyes to bank malpractice for as long as he could, never had any of their people prosecuted fined or sacked and cleared the decks of about 46% of IFAs. That adds up to success for the banks.
Yes the Armed Forces, MOD, HMRC accountancy and NHS engage in similar arrangements.
report thisCynical Sam
Dec 12, 2012 at 15:15
*Speechless*
report thisOne Shot Bwana
Dec 12, 2012 at 15:26
When the Sants go marching in ............................
report thisEURYN OWEN
Dec 12, 2012 at 15:36
Refer to the Yes Prime Minister episode "you're a banker". Really funny but rather poetic in this instance!
report thisJohn Boy
Dec 12, 2012 at 16:22
Well thats super, just super. I love Hector and Barclays they are shining beacons and all that is right with our industry. We could learn much.
God bless
PS: Sarcasm ......
report thisSJB
Dec 12, 2012 at 16:28
On behalf of customers of all other Banks, can I thank Barclay's for employing Sants, thus not inflicting him on the rest of us. It was bad enough thinking he might be in contention for Governor of the Bank of England. It's ironic, though, that a discredited Bank should employ a discreted Regulator to improve its image.
What next...Bob Diamond joins the Bank of England to help it regulate LIBOR?
report thisAnitaki
Dec 12, 2012 at 17:04
I bet he'll be gone within 12 months
If l'm correct, it will mean that Barclays still consider themselves to be above the regulatory requirements.
Let us first see what Sants thinks about sales targets for staff.
report thisDavid IFA
Dec 12, 2012 at 17:07
Oh come all ye faithful..........
report thisDavid IFA
Dec 12, 2012 at 17:19
Anitki . You don,t worry about sales targets as compliance head - You only look to see the salary package is right. Then when the proverbial hits the fan you check the exit package in your contract that you negotiated. Cos after all the cost of it all will be picked up by the fscs for any blunders made.See so easy when you made the rules up yourself.
report thisphilip spierling
Dec 12, 2012 at 19:51
Hector the protector
Becomes
Hector the defector
Nice work if you can get it
report thisPierre Land
Dec 12, 2012 at 19:55
Um , has done a bad job with Rdr ,
report thisSmntemplar via mobile
Dec 13, 2012 at 13:49
That's a turn up for the books the bloke who should have kept his eye on the banks is now working for one is this punishment Sants???????
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