Hector Sants, the former chief executive of the Financial Services Authority, is in talks to join Deloitte as a partner and adviser to companies in the financial sector, according to a person familiar with the situation.
Mr Sants, a former Credit Suisse banker, left the FSA at the end of June, after five years in charge of the City watchdog. His talks with Deloitte were at a preliminary stage, the person familiar with the situation said, adding that no decisions had been made: “It is too early to say whether anything will materialise.”
Regulatory advice to the financial services sector has been a money-spinner for the Big Four audit and consulting firms – PwC, Deloitte, KPMG and Ernst & Young – as banks adjust to the more intensive oversight introduced in the wake of the financial crisis.
Prominent former regulators who have already been hired by the Big Four include Margaret Cole, a former FSA managing director who was named general counsel to PwC earlier this year. Jon Pain, another former senior manager at the FSA, joined KPMG in 2011.
Deloitte declined to comment. Mr Sants could not be reached for comment immediately on Tuesday.
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