Citywire printed articles sponsored by:
View the article online at http://citywire.co.uk/wealth-manager/article/a650040
Sants defends decision to join Barclays
by Sarah Miloudi on Jan 10, 2013 at 14:57
Newly-knighted Hector Sants has defended his decision to join Barclays, claiming he is not compromised by the role.
The former Financial Services Authority (FSA) boss launched a fierce defence 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.
The fresh criticism sees Sants begin the new year the way 2012 ended - facing opposition about his suitability for public appointments and honours.
While Sants served at the FSA during 2008's severe downturn, and later steered it towards a new regulatory framework based on the lessons learnt - many felt he should have been able to spot the sector's difficulties.
Sants will take up his post at Barclays on 21 January, when for the first time the bank's compliance operations will fall under the control of a single person.
News sponsored by:
Subscribe to Wealth Manager magazine and rack up CPD points
Citywire Wealth Manager has partnered with CISI to enrich the experience of subscribers to our magazine.
Today's top headlines
More about this:
Look up the shares
More from us
- Here's what you missed: Sants knighted, Arch Cru latest and Hargreave's firm buys into Rangers
- MPs argue Sants knighthood discredits honours system
Aberdeen Live supplement: Fundamentals point to ongoing flows and solid returns from EMD
After a record year for inflows and market-leading performance in 2012, emerging market debt has taken a large step towards the mainstream. Our recent debate covers the outlook for the asset class this year and where opportunities can be found.
On the road
by Dylan Lobo on May 16, 2013 at 16:17