FSA chief 'truly sorry' for RBS failure

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Hector Sants, chief executive of the Financial Services Authority (FSA), has apologised to MPs for the failure of the Royal Bank of Scotland which led to the multi-billion pound bailout of the bank.

Sants, who is set to become deputy governor of the Bank of England, said he is "truly sorry" for the bank's failure that ended up costing the taxpayer £45bn, according to the Telegraph. Giving evidence to the Treasury Select Committee (TSC) on Monday, Sants said he would not let any of the lender's former managers work in finance again. Sants faces another session with the Committee again to confirm his appointment to the Bank when he takes over the running of Britain's new banking regulator next year. The Committee could recommend he is unsuitable for the job, though they cannot form...

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