London’s Status as Financial Center Under Threat, Sants Tells FT

London’s role as an international financial center is at risk because business models aren’t responding quickly enough to a new political and regulatory reality, Hector Sants, the outgoing Financial Services Authority chief executive officer told the Financial Times in an interview.

Sants cautioned that banks, brokers and insurers all require “radical re-engineering” over the following five years to reflect changes in savings patterns, the movement of growth to emerging markets and stricter rules on a range of things, from capital and liquidity to remuneration and marketing, according to the FT.

To contact the reporter on this story: John Simpson in Toronto at jsimpson12@bloomberg.net

To contact the editor responsible for this story: Greg Chang at gchang1@bloomberg.net