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Sants' swan song

In the FSA chief executive officer’s final speech before he leaves the regulator at the end of June, Hector Sants called for more action to deliver effective corporate governance. He noted that while a lot of progress has been made towards improving capital and liquidity standards in banking, less has been achieved in the area of corporate governance, even though “ultimately firms fail because of the decisions taken by their boards and their management... This is not principally a structural issue. It is a failure in behaviour, attitude and in some cases, competence.”