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Ex-FSA chief Hector Sants joins Barclays

Ex-FSA chief Hector Sants joins Barclays

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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