In this role, Sants will oversee all compliance activities across Barclays, including all regions in which Barclays does business. In a major change this will mean, for the first time, that all compliance staff within the bank report to one individual, and operate independent of business and regional management teams.
Sants will be directly accountable to the Group Chief Executive for the performance of the compliance function against a framework of specific standards agreed by the Barclays PLC Board, and for ensuring the conduct of all staff is consistent with Barclays purpose and values, as well as the spirit and letter of the law and the expectations of regulators in the geographies where Barclays operates.
Sants will additionally take on responsibility for the bank’s relationships with governments and regulators around the world. He will take up his post on 21 January 2013.
Commenting on the appointment, Antony Jenkins, Group Chief Executive Officer, said: 'When I set Barclays the goal of becoming the ‘Go-To’ bank for all of our stakeholders, I emphasised the importance of cultural change in delivering that outcome. Our people always acting in the right way in all of our interactions will be central to our culture - simply how we do business - but it is important to bolster that with the second line of defence provided by controls and a world class compliance function.
'In appointing this new senior role, and making these structural and reporting line changes, I want to do two things. The principal one is to create the conditions whereby a world class compliance function can flourish, and the second is to send a clear signal of intent in terms of my personal commitment to delivering a culture in Barclays where compliance is universally welcomed and observed.
'Relationships with our regulators and governments around the world are obviously also of critical importance to us. We must apply a renewed leadership focus on these to make them as constructive and productive as possible.
'With a huge wealth of private and public sector experience, and having most recently led one of the world’s pre-eminent regulatory authorities, I can think of no more suitably qualified person than Hector Sants to take on these challenges. I am delighted that he has agreed to join Barclays and to work with me and the Executive Committee on driving Barclays towards becoming the ‘Go-To’ Bank'.
Sants said: 'I left the FSA with the intention of finding a role which would allow me to put into practice the experience I have gained in both the public and private sector. Taking on the responsibility of leading Barclays global compliance function, and overseeing the bank’s relationships with governments and regulators, gives me that opportunity. I am delighted to have been asked by Antony Jenkins to create and implement a new compliance concept and approach which will be central to the cultural change which is already underway at the bank'.
image: © Barclays