FSA chief claims radical approach needed to force change

FSA chief executive Hector Sants
Hector Sants, chief executive, FSA

Speaking at the Financial Services Authority's (FSA's) Financial Conduct Authority (FCA) conference on 28 June 2011, Mr Sants quoted a comment made by Howard Davies, the first chairman of the FSA, in 2003: "The biggest disappointment of my time at the FSA has been the failure of firms, in particular their senior management, to learn the lessons of past mis-selling.

"Sadly the recent history of the British retail financial services industry is proof of the adage that those who fail to understand

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