Poacher turns gamekeeper as CSFB's Sants joins regulator

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The Independent Online

The Financial Services Authority yesterday said it had lured one of the City's most prominent bankers, Hector Sants, to turn policeman on his former colleagues as a senior employee at the regulator.

The Financial Services Authority yesterday said it had lured one of the City's most prominent bankers, Hector Sants, to turn policeman on his former colleagues as a senior employee at the regulator.

Mr Sants, 48, will be managing director for wholesale and institutional markets, with a seat on the FSA's board, when he joins on 4 May.

He currently works at CSFB, where he is chief executive of its Europe, Middle East and Africa division. The appointment of Mr Sants marks the first time the FSA has hired a senior member of the financial services industry.

Until now, FSA board members have mainly come from other jobs in financial regulation, such as the Bank of England.

Mr Sants is known as a larger than life character who has held a series of demanding jobs in the City. As a former head of equity trading at UBS, he also has had experience of its more cut-throat techniques which might seem to be very different from the approach of the regulator.

"It's a signal to the rest of the industry that we want a board with broad experience," an FSA spokesman said.

In a wide-ranging review of its senior management, the FSA has also made internal promotions of Clive Briault to managing director of retail markets and David Kenmir to managing director of regulatory services.

Mr Briault, 46, is currently director of prudential standards and Mr Kenmir, 40, is director of the investment firms division. All three will join the FSA board.

Their appointments form part of a new structure at the FSA under John Tiner, who was appointed as chief executive of the FSA last year.

Michael Foot, currently a managing director in charge of major firms, will retire in May but remain as an adviser to Callum McCarthy, the FSA's chairman, and to Mr Tiner.

Mr Sants joined CSFB in 2000 when the Swiss investment bank bought its US rival Donaldson, Lufkin & Jenrette. He is a member of CSFB' s executive board and was previously a board member of the London Stock Exchange.

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