A former top City regulator has been tapped to lead a new review of the competitiveness of Britain’s banking sector.
The British Bankers’ Association (BBA) has asked Sir Hector Sants to look at whether tax and regulatory reforms in the wake of the financial crisis hurt Britain’s international reputation as a banking centre, Sky News first reported yesterday.
The BBA confirmed the report last night, with chief executive Anthony Browne telling City A.M.: “We are delighted that Sir Hector Sants will be leading this review.”
Sir Hector was the Financial Services Authority’s chief executive during the height of the financial crisis, leading the regulator between 2007 and 2012. He later joined Barclays before chairing a task force set up by the Archbishop of Canterbury to promote responsible savings and credit, and is currently a vice-chairman at the management consulting firm Oliver Wyman.
Browne said the BBA aims for Sir Hector and the task force to present a series of recommendations to the new government by the end of the year.
Sir Hector’s appointment comes less than one month after HSBC said it was considering relocating its headquarters away from the UK.