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Home > Regulation > UK Regulation

Sants’ leaving party cost fraction of Tiners’: FOIA

Hector Sants, former chief executive of the FSA, was sent on his way by ex-colleagues with a small event held at the regulator’s offices, a Freedom of Information Act request has found.

By Simoney Girard | Published Aug 01, 2012 | comments

In the FSA’s response to the FOIA, the leaving reception for Mr Sants was held at the FSA’s staff restaurant on 20th June, with a total cost of £2580.

This is a far cry from what the FSA spent on John Tiner, who was chief executive until 2007. According to an FOIA in August 2007, Mr Tiner had two leaving parties in July that year: a large industry one on HMS Belfast, which cost £10,022 plus VAT, and a staff-only one at a cost of £1424.5. The FSA paid for both.

Alan Lakey, partner for Hertfordshire-based Highclere Financial Services, said: “Given that so much money was spent on Mr Tiner’s leaving do, Mr Sant’s is a relatively low-cost soiree.

“Maybe the FSA has grasped that it must not run wild with the industry funds it has previously misapplied so blatantly.

“I trust it is not an indication that Mr Tiner enjoyed a greater respect and camaraderie than Mr Sants.”

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