Wealth Manager - the site for professional investment managers

Register for full access to Citywire’s Fund Manager database, news and analysis. Registration is free and only takes a minute.

MPs argue Sants knighthood discredits honours system

10 comments
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.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Investment Pulse: the highs and lows of 2014

Investment Pulse: the highs and lows of 2014

This week's Investment Pulse looks back at some of the biggest stories of the year as well as looking forward to 2015.

Play Inside ETFs: Why the US bull-run still has legs

Inside ETFs: Why the US bull-run still has legs

Global equities suffered a sharp sell-off in the third quarter but exchange traded fund investors are continuing to back the US to outperform in 2015

Play Paul Niven: I won't rip up the Foreign & Colonial Trust history book

Paul Niven: I won't rip up the Foreign & Colonial Trust history book

The newly appointed manager of the Foreign & Colonial trust talks about his plans for UK's oldest investment company.

Your Business: Cover Star Club

Manchester wealth firm hires Coutts director for London launch

Manchester wealth firm hires Coutts director for London launch

Former Coutts director Tony Robinson has joined Chartered Wealth Management to head the company’s newly opened London office.

Wealth Manager on Twitter