Sants's three years at the top

Sants took over the role from John Tiner in summer 2007, mere months before Northern Rock had to seek emergency loans from the Bank of England, and the full force of the US sub-prime mortgage crisis hit British shores. In the early stages of the crisis, Sants continued to stress the importance of the FSA's principles-based strategy. In October 2007, he said: "To be clear, I believe the recent events surrounding Northern Rock reinforce rather than contradict this need to focus on the outcomes and consequences of management actions rather than just on the compliance of the actions with ...