Sants claims he was talked into taking top job

Mr Sants made the claims as he gave evidence about the near-collapse of RBS to the Treasury Select Committee alongside FSA chairman Lord Turner and director, Margaret Cole.

In response to questions about his own role at the regulator, Mr Sants said he had no ambition to become the chief executive when he joined the FSA as managing director of wholesale and institutional markets in 2004.

He said he did not think his predecessor John Tiner would leave in 2007 and that he had not planned to apply