Wednesday 9 January 2013
Hector Sant's should not accept his New Year Honour
One though does really stand out, as the Telegraph mentioned at the time. Hector Sants, now on a packet at Barclays, has been knighted for this services to "Financial Serices and Regulation." Quite what these services are has to be written to be believed.
Hector Sants ran the FSA before and during the Financial crisis. He has some lovely lines used int he past, such as he had no power to stop the RBS-ABN deal, despite being head of the regulatory approval body. but as a reader writes in, there are other scandals too, such as the that of the PPI claims.
This has become a multi-billion sore for the banks and was an unprecedented rip-off of consumers, with profits fo 80% for issuing companies. Complaints were being made and upheld as far back as 2005 - but the FSA did nothing until well into the Financial Crisis, preferring to ignore their own criteria of 'Treating Customers Fairly.' It hardly smacks of firm or even competent regulation.
The whole 2008 disaster wwas fuelled by mis-applied regulation and greedy bankers, to make the man in charge of this a Knight of the Realm is another sick example of the powerful looking after their own. Perhaps Mr Sants knows where too many of the bodies are buried.
The final piece of the cake is for him to declare that HIS knighthood is a recognition for ALL the staff at the FSA for their hard work. This is a David Brentism of the first order - he mustsurely realise how terribly crass this sounds.
There is a rather lonely e-petition attempting to get the Government to change its mind, but I doubt this will go anywhere. Hector Sants regards himself as a man of honour, perhs the right way forward is for him to humbly refuse his bauble?