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Here's what you missed: Sants knighted, Arch Cru latest and Hargreave's firm buys into Rangers

on Jan 02, 2013 at 08:30

Here's what you missed: Sants knighted, Arch Cru latest and Hargreave's firm buys into Rangers

For those lucky enough to have traded rain-battered Britain for St Barts over Christmas, today's trudge back to work may be a little harder than for most.

Flicking through your blackberry - bleary eyed and jet lagged - you could be forgiven for skipping over - or perhaps not believing - some of the biggest and most outlandish headlines over Christmas.

Traditionally 'silly season' in the media, City commentators were this year given a slight reprieve when Hector Sants, the former Financial Services Authority (FSA) chief, was knighted.

In the New Year honours list Sants (pictured) was recognised for his services to the City.  He led the regulator throughout the financial crisis, but tongues were set wagging as Sants is not without his critics.

Some were quick to quip he should have seen the 2008 crash coming, while others viewed his recent appointment at Barclays as controversial.

The bank's newest compliance boss will scoop a reported £3 million pay and incentives package for his duties at the bank, where for the first time a single individual will be responsible for its regulatory affairs.

Elsewhere, shrewd small cap investor Giles Hargreave decided to buy into Rangers, extending a trend seen throughout 2012 for fund managers to buy into sports clubs.

Meanwhile, Arch Cru fund sellers and investors also had a busy end to the year, and the firms caught up in the scandal are unlikely to see their troubles fade in 2013.

According to reports in the Financial Times, up to 100 firms could fold as a result of paying out compensation to investors caught up in Arch Cru's difficulties.  Hopes of a settlement for investors also faded as ministers sought to manage their expectations of a global redress scheme.

3 comments so far. Why not have your say?


Jan 02, 2013 at 09:14

Marvellous news. Sants is rewarded for closing down what's left of the securities industry. You couldn't make it up. Big salary. Big bonus. Now a big gong!

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Anonymous 1 needed this 'off the record'

Jan 02, 2013 at 09:47

Remember that MPs' probably think he is clever and this elevation really only reflexs MPs' poor capabilities and standards

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Dave Knight

Jan 02, 2013 at 12:28

Let's hope HM slips with the sword and gets the jugular.

Or is that one Christmas wish too many?

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