If you want to pick a good day to resign from one of Britain’s most high-profile jobs, it’s probably best to do it when the occupant of one of few more high-profile jobs in the country does the same.

Short of waiting until the death of a monarch, Hector Sants probably picked the best possible day to throw in the towel.

With the dust still resolutely clouding the air, no-one can seem to agree on why he is going. Some say he is frustrated at the pace of regulatory change, while others say he is still smarting from having is bottom smacked by the Treasury Select Committee.

What is clear is that he will be remembered as the man who was holding the baby when the financial world went completely tits up.

Sources “close to Sants” say that it was pretty out of character for him to have changed his mind and un-resigned in 2010, although you might speculate as to whether he wanted to be inside the tent while everyone was working out where to point the fingers when it became clear just how much the world had come to hate bankers.

Private Eye has long been scathing of the FSA, branding it the “Fundamentally Supine Authority”.  It is clear that recently the FSA has been getting tougher, but with a steady stream of senior staff walking out and the uncertainly of massive change coming with the advent of “Twin Peaks” regulation, it cannot be a fun organisation to work for, and particularly not to run.

No doubt in the coming days the real reasons will begin to emerge.  Maybe it is just the right time, or maybe there is a massive storm heading in.  Certainly with hindsight, you have to wonder how many times a day he wishes he’d stayed at Credit Suisse.

Author: Nigel

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