Hector Sants to step down as FSA chief

Hector Steps Down

Good riddens when are the rest going to do something useful in life?

Posted by: Incompetent Regulators Awards Team

HECTOR SANTS

Make my day after all the garbage that we have to put up with from FSA this is good news tell Mr Sants he can come and work for me as a self employed salesman but remember if you do a change this would be he would have then arrived in the real world no pay no play

Posted by: GEORGE WALLACE

Hector FSA

What an utter shambles the FSA have been. They have been responsible for the wholesale failures of the financial system and many other major failings including pensions demise and letting consumer credit run wild. NO regulation other than chase, bully and hassle the IFA sector to death! What a joke they are.

Posted by: Dev

Hector is dead: there is no more to say.*

Dear Awards Team Do try and learn to use a spell checker. It does create such a bad impression if you are going to criticise. I would also counsel that we should be careful what we wish for. Whoever ‘steps up to the plate’ will hardly be a soft and cuddly version. You need to remember that Parliament and the Treasury really loathe IFAs. We (in the main) help clients to avoid tax and frustrate the machinations of the tax collectors. We help to manipulate the system for the advantage of those who are considered to be the less deserving of the legislators’ bounty. Take heart in the knowledge that the more we annoy them, the better we must be working for our clients. * Shakespeare - Trolius & Cressida

Posted by: Harry Katz

Farwell

Hector Sants took office as the banking crisis became apparent and also as the RDR became a feared reality. For these reasons he will, probably unfairly, be remembered as the man who presided over the decimation of the UK financial servcies system. Of course, he may still be able to resurrect tome semblance of common-sense between now and his actual defection date. Whilst viewed as a modern day Nero he actually inherited a poisoned chalice and suffered the opprobrium of self-serving politicians and their ilk.

Posted by: Alan Lakey

there goes another..

They come - they go. I suppose we'll just have to wait and see what new upheaval the next empire builder wants to wreak upon what's left of the industry in order to make his/her mark. Was it ever thus?

Posted by: Peter

3 Years of Failure

Quick straw poll guys - name one thing the FSA has got right in the last 3 years? Name one success? No? I couldn't think of anything either!

Posted by: Simon Webster

Poisoned Chalice

In fairness,it probably was a poisoned chalice Alan but so is mine from 2012.However,I won't be remunerated to the tune of £653000 per annum if reports are to be believed.The industry will be decimated from the last three years of folly and what comes next? Dear old Hector is off to the Bank of England which is to recieve regulatory powers under a new administration!

Posted by: Peter Taylor

Balance

I don't disagree at all, Peter. It'sd judt that IFAs bloodlust will mean that we all chant "good riddance" whilst we should, perhaps, be fearing the replacement who is likely to be a Treasury stooge, chosen for his/her ability to genuflect and tread the chosen path. Has Sants been a failure? Yes, by any reasonable standards the FSA under his governorship has been a fantasticly expensive waste of our money. It is also a creature set on a path of adviser decimation. My point was that Sants is taking the stick for the failures of McCarthy and Tiner.

Posted by: Alan Lakey

Some Governments do Avem!

What about the new replacement then? I suspect Frank Spencer would fit in nicely!

Posted by: paolo standerwick

Here today, gone tomorrow!

Just another 'here today, gone tomorrow' civil servant feathering his own nest.

Posted by: Andrew

Unlucky Sants

Hector Sants had been unlucky. As soon as he become CEO the financial crisis erupted. My understanding is that Hector's motivation was to give something back to our industry having had a very successful career at Credit Suisse. He has, within the limits of his mortality, tried his best. For this, we should all be grateful. Ben Goh, MD, Financial Services Compliance (EU) Limited.

Posted by: Ben Goh

Unlucky Sants

It strikes me that regardless of who is in power at the FSA some IFAs will forever complain about needing to be regulated in the first place, let alone the regulatory approach itself. Hector Sants got his proverbial hands dirty as a regulator and inherited what he inherited - an FSA too wrapped up in business speak of Principles based this and risk based that rather than operating as an effective regulator. As he leaves office we have seen FSA much more hands on as a regulator and taking very effective enforcement actions across all sectors. For the rest of it I agree with Ben Goh's comments about Hector Sants rather than the vindictive tickle tackle that has been hurled at him. Geoff Walsh

Posted by: Geoff Walsh

Geoff won't look good naked

Surely IFA's don't need some sactimonious civil servant like Geoff telling us what to do. He should take some lessons from Gok Wan on how to look good naked.

Posted by: crazic froggie

Geoff wont't look good 2

Who is Geoff? If he is the former vicar of Oldham, you certainly would not want to see him naked. Amen.

Posted by: dick francis