Sants: firms must drop 'narrow' attitude to regulation

Hector Sants, chief executive of the Financial Services Authority (FSA) has urged that the move towards the 'twin peaks' regulatory model -must be smooth, urging firms not to think about 'what they can get away with'.

Sants unveiled the new regime on Monday in speech delivered to the British Bankers' Association.  Today, he warned that Britain;s banks, insurers and brokers must change their attitude if the new proactive and judgement-led scheme is to work.

'We would like firms not to just take the narrow perspective of what they can get away with within the rules and how long their lawyers can delay, but take the broad perspective,' Sants (pictured) told the Financial Times.  'When the right way forward is clear, they should get on with it.'