Sir Hector Sants joins Financial Capability Board

Former FSA chief executive Sir Hector Sants has joined a Financial Capability Board facilitated by the Money Advice Service.

Part of the MAS’s remit from the Government is to work in partnership with other organisations to develop a financial capability strategy for the UK which aims to improve consumers’ money habits.

The board was set up to develop and maintain this strategy, and met for the first time at the end of June.

The MAS acts as the secretariat for the meetings. MAS chairman Andy Briscoe chairs the board and appointed its members.

The board has an additional 17 members, including Sants, FCA director of strategy and competition Chris Woolard, Nest chairman Otto Thoresen and MAS chief executive Caroline Rookes.

Also on the board are Royal London chief executive Phil Loney, Lighthouse managing director Roger Sanders, JP Morgan head of UK funds Jasper Berens and Santander head of UK banking Steve Pateman.

Membership of the board, which meets quarterly, is on a voluntary basis.

A report on the strategy published earlier this year says the MAS will act as the “anchor organisation” for the strategy and will fund and host a secretariat to co-ordinate implementation. It will also put in place certain initiatives identified by the strategy.

It says the board will consist of “influential senior figures, acting as champions across the sector”.

Sants joined Swiss private banking group Julius Bear International as chairman at the start of July.

In May advisers criticised the decision to appoint Sants to head an investigation into bank competitiveness.

Sants, who presided over the regulator during the financial crisis and the RDR, is heading a team at global management consulting firm Oliver Wyman, where he is vice chairman and partner, and will publish the first review in autumn.

In November 2013 Sants quit his role as Barclays head of compliance and government and regulatory relations due to stress.