Page last updated at 11:06 GMT, Saturday, 2 July 2011 12:06 UK

Hector Sants on the FCA

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Over the last twenty years financial firms have paid out £15 billion in compensation to customers mis-sold everything from pensions to endowment mortgages to split capital investment trusts. And that is before compensation for mis-selling payment protection insurance which could add another £9 billion. That analysis this week was from an unlikely source - Hector Sants the Chief Executive of the Financial Services Authority. He went on to say "Such outcomes would be regarded as unacceptable in other sectors of the economy." His comments came as he set out the new plans to replace his FSA with the FCA - the Financial Conduct Authority in about two years time. He told Moneybox how the new authority would work.

This is a longer version of the interview broadcast on Money Box on 2 July 2011.

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