Sants Joins Inner Sanctum Of Bank Lobby Group
Sir Hector Sants, the former chief executive of the City regulator, has cemented his gamekeeper-turned-poacher status by joining the board of the banking industry's main lobbying group.
Sky News understands that Sir Hector, who joined Barclays earlier this year as its head of compliance and government and regulatory relations, will attend his first board meeting of the British Bankers' Association (BBA) in the autumn.
The appointment underscores how Sir Hector's career has come full circle after leaving the investment banking arena to join the Financial Services Authority (FSA) in 2004. He landed the top job at the regulator three years later, and endured a torrid time at the helm as Britain's banking system faced arguably its biggest-ever crisis.
Sir Hector replaces Matt Hammerstein, who has moved to a new role in Barclays' retail operations, as the bank's BBA board representative.
Each of the main UK high street banks nominates a director of the BBA, which does not routinely publish the names of those representatives. A number of international banks with a major presence in the UK, such as BNP Paribas, also have BBA directors.
Sir Hector's arrival on the board comes as the lobbying group prepares to redefine its strategy following the loss of its role in setting the interbank borrowing rate, Libor.
According to people close to the BBA, it is expected to thrash out a number of changes to its activities in the autumn. In recent months the industry has faced criticism for the extent of its efforts to water down new rules forcing banks to hold more capital, and Barclays in particular was censured for threatening to shrink its lending as a result.
Barclays was the first bank to be fined for its role in the rate-rigging scandal when it landed a £291m penalty from regulators including the FSA last year.
The BBA and Barclays declined to comment.