Son in law of Islamic prophet Mohammed and first male convert to Islam, Ali ibn Abi Talib once said, “One who acquires power cannot avoid favouritism” and, in spite of four years of public outrage over the impotence of the UK’s regulators and a tumultuous term at the helm of the Financial Services Authority, for former banker and recently retired chief executive of the FSA (2007-2012), these ancient words have proved wholly true.
Infamously accused by MP’s of being asleep at the wheel at the height of the UK’s bank bailouts, for Hector Sants, 2012 has been a remarkably good year. With an annual pay package rumoured to be worth a comfortable three million pounds for a regulatory position at Barclays and a knighthood coming his way in the New Year, it is extremely hard to marry his current good fortune with a track record which found him napping while the UK’s banksters reaped havoc with the lives of everyone but their own. As a direct result of the FSA’s negligence, countless people have lost their homes, their livelihoods and their financial futures and aside from those who have been tricked by the banks into purchasing PPI, the majority have received no restitution for losses which occurred because the FSA, under the guidance of Hector Sant, chose not to,
- Regulate responsibly
- Prosecute banking criminality
- Protect the banks customers
The banks Hector Sants regulated,
- Fraudulently sold unsuitable products to their customer to increase their profits
- Manipulated Libor rates to serve their own interests and camouflage their exposure to risk
- Disguised their flawed loan books and sold them as blue chip low risk investments to negate their losses
- Insured themselves against a property crash they knowingly created
It is therefore my firm belief the favours of the powerful heading Hector Sants' way over the coming months can only be for Hector Sants' services to banksters and not banking. Speaking as a victim of the notorious Halifax Bank of Scotland who has, for the last four long years, attempted to secure the assistance of both the FSA and the FOS without success, I can guarantee, in a world where the majority of us reside, it is more than evident that despite the efforts of Hector Sants and his FSA team, nothing has changed for those of us who are still paying the price of the financial sector’s greed.
Ali ibn Abu Talib also said,“As long as fortune is favouring you, your defects will remain covered”. Here’s hoping, one very day soon, fortune will favour those who continue to struggle in the wake of socialised losses instead of repeatedly rewarding the powerful for their defects and failures.