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Sants defends decision to join Barclays

by Sarah Miloudi on Jan 10, 2013 at 15:07

Sants defends decision to join Barclays

Newly-knighted Hector Sants has defended his decision to join Barclays, claiming he is not compromised by his latest role.

The former Financial Services Authority boss launched his defence while speaking to MPs.

Sants came under fire as he gave evidence at the Parliamentary Commission on Banking Standards, however he said he was 'not compromised' by accepting a post as head of compliance at Barclays and had respected guidelines on when former regulatory chiefs can take up  positions elsewhere.

'There is a statutory period when you are not allowed to work for a competitor and I will have passed that before I start,' Sants (pictured) said.

Sants added he, the FSA and Barclays were all aware of some cases against the bank, but 'safeguards' had been put in place to protect shareholders and the public interest.

17 comments so far. Why not have your say?

Compliance Bloke

Jan 10, 2013 at 15:33

'safeguards' had been put in place to protect shareholders and the public interest.

1. I'm fairly sure that Hector was in charge of the safeguards to protect the public interest in respect of the banks. That worked well.

2. It's nice to see that he ranks protecting shareholders before protecting the public interest

3. "Newly knighted" - I don't want to live on this planet any more.

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John Phillips

Jan 10, 2013 at 15:36

Isn't it great that we have effectively paid this man for his period of grace prior to taking up his £3,000,000.00 post with "a competitor"; is that really how he sees the FS industry, as competitors to the FSA. No wonder we've been hammered whilst having our hands tied behind our backs by regulation.

Surely if he was on “gardening leave” he was still in the employ of the FSA’ he was still getting paid by them.

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John Smyth 3

Jan 10, 2013 at 15:41

This guy has no integrity whatsoever and this country is run for the benefit of the banks by the banks. Our system stinks.

Tony Benn acknowledged this in his biography and admitted that politicians of any party were only allowed, by them, to change things a little. They permit our two major parties to take turns at governing so that the public are lead to believe things might change.

It is a pity none of the MPs asked him why the FOS requires yet more money, £80 million, to handle the ever increasing load of PPI claims. If he McCarthy, and Turner had been regulating the banks as they should have been instead of pestering IFAs there would not be many PPI claims. We all knew what the banks were up to and so did they but because they were bankers were not going to dobb on their pals.

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JHA

Jan 10, 2013 at 15:45

It is a while since I read my bible but what was it that Judas Iscariot said at the time?

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Trevor HANMORE

Jan 10, 2013 at 15:50

Please remind us of the link to the online petition against this affront.

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Certified Professional Stander

Jan 10, 2013 at 15:53

@ JHA

He said 'There is a statutory period when you are not allowed to work for a competitor and I will have passed that before I start,' That's from the book of Hector, Chapter 10, Verse 5. Look it up!

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Mike Hardy

Jan 10, 2013 at 15:59

I quite often see people asking to be reminded of the Sants petition. I have found the easiest way to locate it if you cant remember is to google Hector Sants Petition. There are a few now but the most popular seems to be the avaaz.org one

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Peter Clarke

Jan 10, 2013 at 16:35

Just how DO you spend £130,000 per month after tax?

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Mike Hardy

Jan 10, 2013 at 16:43

Ask my wife. She knows!

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RichardR

Jan 10, 2013 at 17:10

STINK......

1.a strong foul smell; stench

2.slang a great deal of trouble (esp in the phrase to make or raise a stink )

3. like stink intensely; furiously

— vb (foll by of or with ) (usually foll by up ) , stinks , stinking , stank , stunk , stunk

4. to emit a foul smell

5. slang to be thoroughly bad or abhorrent: this town stinks

6.informal to have a very bad reputation: his name stinks

7. to be of poor quality

8.slang to have or appear to have an excessive amount (of money)

9. informal to cause to stink

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Gillian Cardy

Jan 10, 2013 at 18:01

He is reported as saying he spent 5 years "thinking deeply about these issues" ... but also says FSA needs tougher powers ... perhaps less time thinking and a little more time doing could help. It is inconceivable to me that the FSA did not have sufficient powers to act, nor that action could not have been taken before now if the FSA really was so impotent against the banks.

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Belmarsh Solitary

Jan 10, 2013 at 20:16

will NMA please stop showing me this ghastly greedy simian face

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Peter B Hicks

Jan 10, 2013 at 22:15

Have to agree with Gill Cardy. FSA had tons more info than anybody else, yet so many fund managers swerved bank shares leading up to the crisis. FSA apparently (by their own admission) didn't read Northern Rock financial reports and evidently didn't understand whatever info they had on other banks and their lending or takeover practices. Maybe Hector is telling the truth and he was thinking deeply. If so one has to seriously question his powers of thought and analysis. Taking a generous view that he's not stupid just draws one back to Gill's conclusion that he simply failed to do anything. PPI, Northern Rock lending, RBS takeovers, LIBOR fixing - my goodness it's not as if the FSA didn't have powers to act against these, and if they really didn't know what was going on they must have been about the only ones in the industry.

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Jonathan Kirby

Jan 11, 2013 at 09:05

@ Richard R

And you remember of course his name is an anagram of A Stench Rots.

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John Whipple

Jan 11, 2013 at 12:26

@ John Smyth I think you have it.

The rite to power lies not in the constantly changing faces of politics.

By degrees they are to lowly only in columbia can the eye see clear.

The red eagle flies above in clear blue.

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madmitch

Jan 11, 2013 at 15:04

I've heard that Peter Griffin is now in the running to be the CEO of the FCA.

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forestbhoy via mobile

Jan 12, 2013 at 22:05

John whipple,that quote has probably increased overtime at gchq by 50%. Cheers...

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