Hector Sants

Hector Sants, chief executive of the FSA, is warming to suggestions he could become deputy governor at the Bank of England under a Tory Government.

Both the industry and the regulator are responsible for the financial crisis and its impact on the UK, according to the FSA's chief executive, Hector Sants.

The FSA has awarded around a fifth of its workforce a 10pc pay rise to compensate them for the regulator's decision to close its final salary scheme to existing members, according to The Telegraph.

The head of the FSA, Hector Sants, says politicians must take responsibility for setting pay caps if they deem them "morally" necessary, and that not only bankers should be subject to such restrictions, reports the Telegraph.

The FSA said today it would take enforcement action against large banks, building societies and broker dealers who failed to adhere to its new remuneration code, to take effect from January 2010.

Millions of investors in with-profits endowments, pensions and bonds who thought the market's rebound might enhance their returns had their hopes dashed last week, according to The Times.

FSA fines could treble in size to act as a ‘credible' deterrent to firms who breach the rules.

The FSA's annual report has revealed Hector Sants' total remuneration was £623,170 for the year 2008/9, although this was lower than the £661,948 he received in 2007/8.

Britain's chief financial regulator blamed Gordon Brown yesterday for contributing to the economic crisis, coming close to accusing him of stoking the credit-fuelled housing boom and bust, reports The Times .

Hector Sants, the chief executive of the Financial Services Authority (FSA) will waive his bonus, amid criticism of the regulator's role in the crisis, reports The Telegraph.