Sants details new regulator’s approach

FSA chief executive Hector Sants

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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