If you type ‘Hector Sants knighthood’ into Google, one site that crops up is one called Awards Intelligence, with the strapline ‘when getting it right matters’.
Is it right that Hector Sants should get a knighthood? And does it matter?
Taking the second question first, "Yes, it does." The fact that the former head of the UK’s financial services regulator has been rewarded with any commendation at all let alone a regal one sends the wrong message to those who use financial services. That is, investors who are flabbergasted that the credit crunch we are in was allowed to happen; that no individual or organisation has formally been held accountable; that the City, and bankers in particular [guess who Sants next job is with…go on…] are in it for themselves and themselves only.
The process of Sants getting his knighthood would have started with a nomination from an indivudal or organsiation familiar with his work, or a submission from a government department.
Sants starts a new role with Barclays this month as – get this – head of compliance and government relations – so, as Private Eye recently pointed out, "The message for financial regulators is clear: there will always [be] a plum job waiting in the City for a friendly watchdog."
There is a huge amount that is right with financial services in the UK but there is still a great deal that is wrong with it. I know it will never be perfect for everyone, but its reputation right now in the mind of those who use these services can only be further tarnished by those at the top of it being rewarded in this way.
And the answer to the first question is by now, I hope, just as straightforward: "No, it is not right that he should get a knighthood."
Anyone tainted with having a senior job title with the FSA on their CV over the past decade should get nowhere near a compliance job with one of the organisations at the heart of the current malaise, let alone an honour such as this.
Awards Intelligence suggests considering a checklist before a nomination for an honour from the Queen is made and I am sure that if those organisations who come under the control of the FSA were asked, the answer: "Sants deserves a knighthood" is an unlikely outcome.
The checklist asks if the nominee has:
- made a difference to their community or field of work?
- brought distinction to British life and enhanced its reputation?
- exemplified the best sustained and selfless voluntary service?
- demonstrated innovation and entrepreneurship?
- carried the respect of their peers?
- changed things, with an emphasis on achievement?
- improved the lot of those less able to help themselves?
- displayed moral courage and vision in making and delivering tough choices?
Please do let me know your thoughts to the questions posed in this klist, on behalf of any nomination you might give Mr Hector Sants, and I will happily publish a retraction/article of adulation depending on the feelings of the knowledgable readers of Portfolio Adviser…and judging by the press coverage, the readers of a great many other publications as well.
