Sants: Industry has not learnt from mis-selling errors

Scott Sinclair
clock

The financial services industry has failed to learn from mis-selling mistakes of the past, Hector Sants said today as he reflected on four years as chief executive of the Financial Services Authority (FSA).

Speaking at the official launch conference of the Financial Conduct Authority (FCA), Sants said there had been "little or no" significant change in the attitudes of the industry towards its customers since Howard Davies, the FSA's first chairman, bemoaned the failure of firms to learn the lessons of past mis-selling in 2003. He quoted Davies as saying: "The biggest disappointment of my time at the FSA has been the failure of firms, in particular their senior management, to learn the lessons of past mis-selling." Sants, who said he would now be taking an "increasing back-seat role" in ...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

DB transfer adviser hit with provisional FCA ban and £742,700 fine

DB transfer adviser hit with provisional FCA ban and £742,700 fine

Daniel Thomas advised 53 clients, including four British Steel scheme members

Sophia Panayi
clock 03 September 2026 • 2 min read
Proving good customer outcomes still a challenge for financial planners

Proving good customer outcomes still a challenge for financial planners

Firms face practical challenges in Consumer Duty board reporting

Sophia Panayi
clock 03 September 2026 • 2 min read
'Watershed moment' as FCA's non-financial misconduct rules come into force

'Watershed moment' as FCA's non-financial misconduct rules come into force

Enforcement ‘not a question of if, but when’

Michael Nelson
clock 02 September 2026 • 2 min read