Barclays Plc, the bank fined for Libor manipulation, hired former Financial Services Authority Chief Executive Officer Hector Sants as head of compliance and government and regulatory relations, a newly created role.
U.K. Financial Services Authority Chief Executive Officer Hector Sants said British banks’ future bonus and dividend payments will depend on their satisfying regulators that the payments won’t weaken capital reserves or erode sound risk management, the Financial Times reported, citing an interview with Sants, who is to become head of the planned Prudential Regulatory Authority.
The chief executive officer of Britain’s financial regulator, told pension funds that they had a “duty” to get more involved in the governance of the companies they invest in, including pay and bonuses.
Insurance companies considered too big to fail may be identified by global regulators as part of an initiative to reduce risks taken by firms so crucial to the financial system that their collapse could be catastrophic.
The U.K. Financial Services Authority couldn’t have done more to prevent the 2008 financial crisis, Hector Sants, the regulator’s chief executive officer, said in what is likely to be the agency’s final annual report.
U.K. Financial Services Authority Chief Executive Officer Hector Sants said the new regulator being set up to take over the supervision of large U.K. financial institutions in 2013, the Prudential Regulatory Authority, should be given the power to investigate bank failures and publish its findings, the Financial Times reported, citing an interview.
Britain’s Financial Services Authority said it plans to pay bonuses to its staff, though Chief Executive Officer Hector Sants will waive his own in the face of growing public anger about remuneration for bankers.