Hector Sants

The FSA will spend £100m implementing EU-wide insurance regulation Solvency II, which is "towards the low end" of original estimates but excludes "considerable" direct costs to the UK industry, FSA CEO Hector Sants says.

FSA CEO Hector Sants has ruled out 'any dilution of the RDR proposals' in a personal submission to the TSC.

The FSA has named more of the team who will run the UK's ‘twin peaks' financial regulation post-2012, including its current major retail groups' director Clive Adamson who takes control of firms' supervision.

The melting-down and recasting of the FSA to form two new regulatory bodies will cost £12.3m between 2010 and 2012, it was revealed today.

The British Bankers Association (BBA) has written to FSA CEO Hector Sants proposing a "simplified advice" model for the mass market, which it says would fill an advice gap left by the RDR.

Lloyds Banking Group has been forced to reveal that up to nine of its employees earned more than the £3.4m paid to chief executive Eric Daniels.

FSA chief executive Hector Sants has won a seat on the management board of the new European Insurance and Occupational Pensions Authority (EIOPA), with two more senior FSA staff taking key roles at other EU watchdogs.

Martin Wheatley, head of Hong Kong's financial regulatory body, has emerged as a leading candidate to head the Consumer Protection and Markets Authority (CPMA) when it is spun out of the FSA next year, according to reports.

The Consumer Protection and Markets Agency (CPMS) must have a "lower risk tolerance" than the FSA, Hector Sants said today.

Joe Egerton, director of lobby group Justice in Financial Services, asks whether IFAs can still derail the RDR after the recent parliamentary debate.