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Knighthood for Sants for being "asleep at the wheel"


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This article is behind a paywall so forgive the cut and paste of the entire thing:-



"A pair of MPs have criticised the decision to award a knighthood to Hector Sants, the former chief executive of the Financial Services Authority (FSA).


Sants (pictured), who presided over the regulator during the financial crisis, is alleged to have been recommended for the award by Chancellor George Osborne, who also encouraged him to stay on after his decision to retire in 2010.


Politicians from across the spectrum alleged Osborne had offered Sants a knighthood in order to persuade him to continue in his role.


Conservative MP Douglas Carswell told the FT: "Surely this says something about how diseased the body politic has become, when decisions about who is regulating our banks are made on the basis of baubles.


"If this is true, then a knighthood is becoming almost as debased a currency as the British pound."

Pat McFadden, Labour MP and member of the Commons Treasury committee added: "At a time when the country is still paying for the financial crisis, I think most people will find it odd that someone in a key regulatory position during that period ends up being knighted - especially when British heroes like Mo Farah were not."


Separately, a member of the public, Roger C, has set up a community petition on Avaaz.org that asks for Sants' nomination for knighthood to be withdrawn.


Roger gave his reasons for setting up the petition, which currently has 380 signatures, as follows:


"I am shocked that the government has nominated Hector Sants for a knighthood. Along with many other politicians, bankers and regulators, he was according to MP's 'asleep at the wheel' and in part responsible for the financial crisis that ordinary people are having to pay for.


"It is wrong that he and others are rewarded for failing the people, and we call for:


1. His name to be withdrawn from the honours list immediately, and


2. For all others responsible for contributing to the financial crisis, to be barred from nomination for honours for a period of at least 10 years."




I think that point 2 above has enormous merit.




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Surely it's only the establishment that takes knighthoods seriously any more ?



If you work for an engineering firm for 30 years you may get a gold watch,but if you work in the offices of the establishment, or for the BBC, for 30 years you've a good chance of a knighthood.


It has long since become pretty meaningless in my view.




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I broadly agree with that, Clive. But beyond that, I should like to see banking made into a properly chartered profession, with key positions only open to those holding appropriate qualifications. Similar to accountants, doctors, and solicitors, with disciplinary sanctions, including having their charter removed, if their behaviour fell below an acceptable standard. For what he presided over, Sants would then at least have been subject to an obligatory professional misconduct board investigation and, if that had removed his charter, he would have been disbarred from any post where his chartered status was a requirement.


Such a sanction wouldn't eliminate all the bad apples, any more that it does with other chartered professions, but it does sharpen their minds somewhat, and generates a degree of internal, peer-group policing. I know: very unlikely, but at least one can dream! :-D

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Brian Kirby - 2013-01-03 5:26 PM


.......................... with key positions only open to those holding appropriate qualifications.






Their are plenty of people about with qualifications, but unfortunately there are no degrees to be had in honesty, wisdom or integrity.


That's what's missing these days.






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