View the article online at http://citywire.co.uk/wealth-manager/article/a648129
MPs argue Sants knighthood discredits honours system
by Alex Steger on Jan 03, 2013 at 07:56
MPs have hit out at the decision to award former Financial Services Authority (FSA) chief executive Hector Sants a knighthood claiming it discredits the honours system, according to reports.
The Financial Times reported that MPs Douglas Carswell, a Conservative MP for Surrey, and Pat McFadden, Labour MP and member of the Commons Treasury committee, criticised the decision, with Carswell telling the paper: ‘a knighthood is becoming almost as debased a currency as the British pound'.
McFadden told the FT: ‘At a time when the country is still paying for the financial crisis, I think most people will find it odd that someone in a key regulatory position during that period ends up being knighted – especially when British heroes like Mo Farah were not.’
The paper said Sants was thought to have been recommended for the knighthood by chancellor George Osborne, who persuaded him to revoke his decision to quit as head of the FSA after the 2010 election.
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