Former Financial Services Association chief executive Hector Sants has been named chair of the new single financial guidance and claims body (SFGB).

Sants was CEO of the body prior to the Financial Conduct Authority from July 2007 to February 2010, leading it through the financial crash and staying on as managing director until June 2012.

News of Sants’ appointment was published on the Cabinet Office website today, 31 May 2018. He will commence his role on 3 October 2018 and will step down from his current role as chairman of StepChange Debt Charity.

Sants said: "I am delighted to be appointed chair of the SFGB. This is an important leadership role with two key challenges.

"In the short-term the dissolution of the three existing government sponsored guidance providers and the transition to a single financial guidance body, longer term the new organisation has the opportunity to materially help people better manage their money and in consequence enhance their wellbeing."

Earlier this month the Financial Guidance and Claims Bill, which intends to establish the SFGB, received royal accent, and work to establish the SFGB should be completed by the end of the year, according to Minister for Pensions and Financial Inclusion Guy Opperman.

Sants has been a partner at the global consultants Oliver Wyman since 2015, and before this was a chief advisor to Abu Dhabi Global Market.

In December 2012 he was appointed head of compliance at Barclay’s Bank before leaving the firm in October 2013 after suffering from stress and exhaustion.

He was knighted for his services to financial services in 2013.

Work and Pensions Secretary, Esther McVey, commented: "Consistent with the Public Appointments Code and following a fair and open competition, I welcome Sir Hector Sants as the first chair of the SFGB. He will play a pivotal role and lead on improving financial capability across Great Britain.

"Sir Hector brings with him vast experience and knowledge from across a range of private and third sector organisations, including how best to support people with problem debt and build wider financial capability. I and my department look forward to working with him."

StepChange chief executive,Phil Andrew, said: “We are sad to be losing Sir Hector Sants as he is an outstanding chairman, but we are delighted that he’s moving to chair a new body which is critical to the long term future of the sector and the wider economy.

"We are enormously grateful for the role that Sir Hector has played in chairing our board of trustees, to which he has brought an excellent mix of extensive experience, insight and dedication, and we wish him every success in his new role.”

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