The chief executive of the Financial Services Authority (FSA) admitted on Monday (January 30th) that he never wanted to take on the role, it has been reported.
Hector Sants told the Treasury Select Committee (TSC) that he originally struck a deal with then chief executive John Tiner to become one of three managing directors for a three-year period, Money Marketing revealed.
He said: “[John Tiner] told me when I joined he would be doing a longer period than in the event he turned out to do.
“I made it very clear I had no interest in staying for that long a period to put myself forward for the chief executive post,” the news provider quoted.
Sants is set to head the Prudential Regulatory Authority when it comes into effect and made his case for receiving this role during his speech to TSC members.
He explained that in light of the looming financial disaster, he decided to stick with the FSA, accepting the argument that he was the “best person” to lead regulatory reform.
During the same address, Mr Sants defended the FSA’s stance on the Royal Bank of Scotland’s failings, saying it had no jurisdiction to prevent the bank’s acquisition of ABN Amro.
Posted by Tony Miller