29/Jul/2014 - Last News Update: 17:07

FSA chief Hector Sants gives £143,750 bonus to charity

Category: Business

Published: 20th Jun 2012 10:37:40

Hector Sants, the outgoing chief executive of the UK's financial regulator, has donated his £143,750 final bonus to the Art Room, a charity supported by the Duchess of Cambridge.

The 15-month performance-related award is detailed in the Financial Services Authority's (FSA) annual report.

Mr Sants was in office during the financial crisis in which banks such as Northern Rock and RBS had to be rescued by UK taxpayers.

He leaves the FSA at the end of June.

This was the FSA's final annual report before its responsibilities are split between the Bank of England and the newly-formed Financial Conduct Authority.

The abolition of the FSA followed criticism about the body's failure to prevent banks such as Northern Rock and RBS from pursuing risky business strategies that, ultimately, led to their collapse.

Writing in the FSA's report, Mr Sants insisted that there was nothing more the FSA could have done to have materially changed the outcome of the crisis.

"I also believe that without our actions it would have been worse," he said.

Mr Sants was the FSA's highest paid director, receiving a salary of £500,000 plus £131,981 of other benefits and an extra £60,000 in lieu of pension contribution.

The Art Room, based in schools in London and Oxford, offers art therapy to school-age children with behavioural and learning difficulties.

BBC News External Link Show Citation

Latest News

Harvard Citation

BBC News, 2012. FSA chief Hector Sants gives £143,750 bonus to charity [Online] (Updated 20th Jun 2012)
Available at: http://www.ukwirednews.com/news/1435778/FSA-chief-Hector-Sants-gives-143-750-bonus-to-charity [Accessed 29th Jul 2014]

News In Other Categories

  • Bristol Academy extends reach overseas with first foreign students

    With the doors to its brand new £1million training centre officially open, one of the UK's leading apprentice training providers, Bristol based S&B Automotive Academy, is showcasing its world-class facilities by launching a series of foreign student exchanges for the first time in its 41-year history. To get a flavour of what life is like as an apprentice in the UK, the Academy hosted 16 apprentice engineers and bus drivers from the G9 Automotive College in Hamburg, Germany, as part of a Europe-wide vocational training initiative called the ‘Leonardo Programme’ with support from the European Social Fund. In a reciprocal arrangement, S&B will be sending nine apprentices to Germany during February 2012 so that they can get an appreciation of life in the automotive industry on the Continent. A further three German exchange groups are being planned for next year. Designed to assist the development of vocational skills and training across Europe, including work placements for trainees, the Leonardo Programme has a budget of €1.75bn, which is helping to encourage UK organisations to work with their counterparts abroad. In what is expected to be another challenging year for employers in the UK automotive sector, S&B’s Chief Executive, Jon Winter, claims that the exchange initiative will bring many benefits to the Academy and its apprentices: “In a world of global automotive brands, it’s important for our learners to understand the international context of the industry they have chosen to make their career. This new exchange programme will enable apprentices and Academy staff alike to achieve a better understanding of the challenges and opportunities within the automotive arena in Europe. With the Academy’s influence also extending to the USA and Asia, there’s every possibility that this initiative could move further afield in the future.” Continued Winter: “The need for skilled technicians across the world is on the increase and we actively encourage our apprentices to look at broader horizons during their training. Many of them have already learned the phrase ‘Vorsprung durch Gelehrtheit’, quite simply, ‘Advancement through learning.” In the 2010/11 academic year, S&B doubled the number of successful Apprenticeships over the previous year with some 350 apprentices graduating from the Academy. At the same time, achievement levels reached an all-time high with an overall success rate of 85%. For those learners on the Advanced Apprenticeship three-year programme, success rates were even higher, at over 98%. PHOTO CAPTION: As part of their exchange visit, S&B Automotive Academy arranged for the German apprentices to visit Hampshire bus operator, Bluestar, at its Barton Park depot. The students are pictured with S&B’s Andy West (3rd right) and Steve Prewett, Bluestar’s Area Engineering Manager (2nd right). Ends http://www.sandbaa.com
  • EU widens Russia sanctions to target economy

    The EU has adopted new economic sanctions against Russia over the conflict in Ukraine, targeting the oil sector, defence equipment and sensitive technologies, EU sources say.
  • WW2 weapons could be buried under Elgin school grounds

    Ground investigations are to be carried out at a Moray primary school after aerial imagery emerged of a wartime trench on the playing fields.
  • Car firms sued over CD-copying entertainment systems

    A group representing musicians in the US is suing Ford and General Motors over in-car CD players that allow tracks to be stored on a hard drive.
  • EU widens Russia sanctions to target economy

    The EU has adopted new economic sanctions against Russia over the conflict in Ukraine, targeting the oil sector, defence equipment and sensitive technologies, EU sources say.
  • Luke Walsh: St Helens scrum-half could be fit for start of 2015

    St Helens are hopeful that Luke Walsh will be fit for the start of the 2015 season after confirming the scrum-half broke his fibula against Widnes.