Hector Sants has warned London's position as a global financial Centre is under threat due to the UK financial sector not rethinking its business models quickly enough in the face of political upheaval and regulatory change.
In an interview with the Financial Times the outgoing Financial Services Authority (FSA) chief executive warned bankers, brokers and insurers all need "radical re-engineering" over the next five years. He said changes in savings patterns, the shift of growth to the developing world and tougher regulation would all have an impact on financial services businesses. Sants said: "I don't think management have fully appreciated the need to change. They are thinking they can adjust be tweaking and modifying," he told the FT. "As a major cross border financial centre, you would hope that ...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- 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
