Former Financial Services Association (FSA) chief executive Hector Sants has been appointed as chair of the new, incoming single financial guidance and claims body.
Sants (pictured), who headed up the Financial Conduct Authority's predecessor between 2007 and 2012, will officially take up the post on 3 October for a five-year term.
However, ahead of this date, he will be involved in the transition and set-up process, including the appointment of the chief executive and non-executive board members.
The guidance body, announced last year, will combine the Money Advice Service, The Pensions Advisory Service and Pension Wise into one single guidance body.
Sants said he had two main priorities for the role.
"I am delighted to be appointed chair of the single financial guidance body," he said. "This is an important leadership role with two key challenges. In the short-term the dissolution of the three existing government sponsored guidance providers and the transition to a single financial guidance body, longer term the new organisation has the opportunity to materially help people better manage their money and in consequence enhance their wellbeing.
"I look forward to working with the new Board and the executive team to take forward this exciting and important mandate."
Secretary of state for work and pensions Esther McVey weclomed Sants' experience.
"Consistent with the Public Appointments Code and following a fair and open competition, I welcome Sir Hector Sants as the first chair of the single financial guidance body," she said. "He will play a pivotal role and lead on improving financial capability across Great Britain.
"Sir Hector brings with him vast experience and knowledge from across a range of private and third sector organisations, including how best to support people with problem debt and build wider financial capability. I and my department look forward to working with him."
Following his time at the FSA, Sants became head of compliance at Barclays Bank at the start of 2013 but decided to take time off less than a year later due to stress-related sick leave. He later resigned from the role in November 2013.
In June 2015, Sants was appointed chairman of private bank Julius Baer. A month later he also began working as vice chairman and partner at management consulting firm Oliver Wyman.
Sants' initial remuneration package includes an £80,000 salary for at least 21 hours per week of work, but no pension entitlement in line with other public body non-executive roles.
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