City’s reformer Sants is knighted

The man tasked with regulating the City of London in the run-up to the near-collapse of the British banking system has been knighted in the UK’s new year Honours.

Former Financial Services Authority (FSA) chief executive Hector Sants has been recognised for services to financial regulation after overseeing sweeping reforms following the nationalisation of Northern Rock and bailout of major banks.

However, the knighthood will be seen as a controversial decision, as it was Sants who led the organisation accused by MPs of being “asleep at the wheel” in the run-up to the collapse of Northern Rock.