Sants details new regulator’s approach
UK FSA’s Hector Sants says primary objective of new banking regulator will be to resolve failed institutions without disrupting financial system; outlines new risk model
Hector Sants has said Britain's new banking regulator, which he will head, should be judged on how well it resolves failing institutions rather than on preventing failure altogether.
Sants is set to become chief executive of the Prudential Regulatory Authority (PRA), when the body is created in 2012. The PRA will form part of the Bank of England, of which Sants will become a deputy governor. He highlighted on Monday that an orderly failure with "minimal cost" was not akin to regulatory failure.
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