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Sir Hector Sants to head up banking review

  • 19/05/2015
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Sir Hector Sants to head up banking review
The British Bankers' Association (BBA) has announced that Sir Hector Sants will lead a review into the competitiveness of the UK on behalf of the banking industry.

Sants will head a team at global management consulting firm Oliver Wyman and present the government with a series of recommendations in the autumn.

The news comes after HSBC announced it was considering moving its headquarters out of the UK, while Deutsche Bank announced it might move its operations to Germany if the UK leaves the European Union

BBA CEO Anthony Browne said: “The banking industry is increasingly concerned about how Britain is becoming an uncompetitive place to do business. Some banks have recently moved operations and jobs out of the UK due to punitive hikes in bank taxes. Other banks have deferred decisions about whether to invest in Britain until after the referendum.

“A prolonged period of uncertainty over the UK’s membership of the EU and its access to the single market could undermine international banks who are big employers in Britain. At the same time tough new regulatory measures are making it more difficult for UK banks to compete in global markets.

“We want to make sure that the UK continues to benefit from the hundreds of thousands of jobs and tens of billions of taxes that are currently provided by the banking industry in this country. It is in no-one’s interest for the UK’s biggest export industry to lose its global competitiveness.”

Sants (pictured) is a former investment banker who went on to be chief executive of the Services Authority from 2007 to 2012. He later joined Barclays as head of compliance and regulatory relations but stepped down after a few months.

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