Neglecting financial stability was Bank’s biggest mistake: FSA’s Sants
UK Financial Services Authority chief and future Bank of England deputy Hector Sants says neglect of financial stability was Bank's gravest policy error
The Bank of England's neglect of financial stability was its gravest policy error, Hector Sants, the chief executive of the Financial Services Authority (FSA) and a future deputy governor of the Bank, on Tuesday said.
Pressed by lawmakers on what the Bank's biggest mistake was, Sants said: "The level of interest at the Bank in financial stability was recognised by all as very low. And it's fair to say that the central bank was slow to recognise the need to engage with the financial stability
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