News - Regulation
Hector Sants, the former chief executive of the Financial Services Authority, has joined Barclays.
Sants has been appointed to the newly created role of head of compliance and government and regulatory relations.
In his new role Sants will join the Executive Committee of Barclays and report directly to the group chief executive Antony Jenkins.
Sants role will see him oversee all compliance activities across Barclays, including all regions in which Barclays does business.
Barclays said the move will mean all compliance staff within the bank report to one individual for the first time, and that they will operate independent of business and regional management teams.
Sants, who will start the job in January, will also be responsible for the bank's relationships with governments and regulators around the world. He will take up his post on 21 January 2013.
Jenkins said: "When I set Barclays the goal of becoming the ‘Go-To' bank for all of our stakeholders, I emphasised the importance of cultural change in delivering that outcome.
"Our people always acting in the right way in all of our interactions will be central to our culture - simply how we do business - but it is important to bolster that with the second line of defence provided by controls and a world class compliance function."
"In appointing this new senior role, and making these structural and reporting line changes, I want to do two things. The principal one is to create the conditions whereby a world class compliance function can flourish, and the second is to send a clear signal of intent in terms of my personal commitment to delivering a culture in Barclays where compliance is universally welcomed and observed.
"Relationships with our regulators and governments around the world are obviously also of critical importance to us. We must apply a renewed leadership focus on these to make them as constructive and productive as possible.
"With a huge wealth of private and public sector experience, and having most recently led one of the world's pre-eminent regulatory authorities, I can think of no more suitably qualified person than Hector Sants to take on these challenges."
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