Twitter icon Email alerts icon Latest News RSS icon Magazine icon Stay connected:

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 argue Sants knighthood discredits honours system

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.

10 comments so far. Why not have your say?

Anonymous 1 needed this 'off the record'

Jan 03, 2013 at 08:42

I agree entirely& Osbourne was foolish to persuade him to stay on, especially

in view of the dismal record of failure by the FSA.

report this

Anonymous 1 needed this 'off the record'

Jan 03, 2013 at 08:42

I agree entirely& Osbourne was foolish to persuade him to stay on, especially

in view of the dismal record of failure by the FSA.

report this

CoeurDeLion87

Jan 03, 2013 at 08:51

I'm glad I'm not the only one who thinks that Sants's helm at FSA was a disgrace.Maybe Turner's peerage can be quashed too !

report this

Financialplanner2012

Jan 03, 2013 at 08:56

Whether we look at the big regulatory picture, or specific examples such as Arch cru, Sants has displayed a lack of integrity and low cunning that has single-handedly destroyed the FSA's reputation; not to mention UK financial services.

report this

Anonymous 2 needed this 'off the record'

Jan 03, 2013 at 09:15

Hear, hear. But I don't imagine that the new-look FSA will be any different - same people, same pay, different name...

report this

EX EJ Client Comment

Jan 03, 2013 at 10:28

Rewarding unaccountable failure in leadership. Anonymous 2 - try same people, more money, different name. This is a disgrace. and demeansthe honour system. I look forward to the petition - I will sign.

report this

Fundador

Jan 03, 2013 at 11:01

All of the above - except the honours system has been discredited since inception. It's a game for apparatchiks, social climbers, narcissists and pawns. Anyone with any integrity or self-worth is not interested in being patronised or bribed by a 'here today, gone tomorrow ' prime minister in the name of 'royalty'.

report this

Alan Steel

Jan 03, 2013 at 11:39

Already made my position clear on this farce and proud to give my thoughts openly . How this guy gets a knighthood when he failed so spectacularly says everything about the honours list . A joke , but part of the trilogy that started with Borrie who stopped the max commission agreement as he said not having one would drive commissions down -- aye right --- then Howard Davies who never saw Eq Life coming . I did in early 1997 and my reward was a threatened writ ! Meanwhile IFAs pay dearly for this institutional incompetence .

report this

Fundador

Jan 03, 2013 at 12:22

Alan - admire both your prescience and your chutzpah. However, just because they are stupid and self-seeking doesn't mean they aren't dangerous, as your experience demonstrates. I've put my head above the parapet once too often and been blackballed by royal brown-nosers. Still I raise the archers' salute to them and their ilk.

report this

The City Grump

Jan 03, 2013 at 12:34

Suggest you read http://realbusiness.co.uk/article/16901-2012-a-year-of-sporting-heroes-and-establishment-zeros

report this

leave a comment

Please sign in here or register here to comment. It is free to register and only takes a minute or two.

News sponsored by:

Sponsored Video: Bringing it all back home


As the UK coalition government strives to rebalance the national economy, so called 'reshoring' looks set to play an increasingly important role in economic recovery.

Today's top headlines

Investing for income in a changing environment


With talk on interest rates on the horizon, our latest roundtable debate covers income investing against a changing backdrop

On the road

Click here to find out more from the Audience Development team.



Read more...

How is regulation feeding the outsourcing trend?

on Jul 24, 2014 at 10:59

Sorry, this link is not
quite ready yet