Standards

Sants appointed FSA head

Hector Sants has been appointed chief executive of the Financial Services Authority (FSA), effective 20 July. Sants is currently the regulator’s managing director of wholesale and institutional markets. He succeeds John Tiner, who steps down on 19 July.

Commenting on his appointment, Sants said: “I firmly believe in the risk-based and more principles-based approach the FSA has pioneered and I will work with the industry to ensure that market solutions deliver the best outcomes for all stakeholders, with a particular focus on consumers”.

Tiner used one of his last major speeches as chief executive to caution against the creation of a single EU regulator for major companies.

Tiner noted that the idea has been gaining currency among the largest firms and the political establishment, but warned that besides questions of cost, location and regulatory style, there will be “intractable” negotiations about whether there should be an integrated regulator like the FSA or sector-based regulators as there are in France, Spain and Italy.

Tiner said: “I believe that Europe must be pragmatic in promoting the growth of the single market and fostering the competitiveness of our major companies and should not become distracted by theoretical, bureaucratic and perhaps partisan discussions about the institutional framework”.

He also argued that the FSA should be given powers to offer immunity from prosecution in exchange for hard evidence when pursuing market abuse cases.

August 2007