StepChange Debt Charity names new chair

Sir Hector Sants has been announced as the new chair of StepChange Debt Charity.

Sir Hector is chair of the Archbishop of Canterbury’s Task Group on promoting responsible savings and credit; and chief advisor to the chairman and board of the Abu Dhabi Global Markets, a government initiative to create an offshore financial centre.

His previous roles include chief executive of the Financial Services Authority, deputy governor designate of the Bank of England, CEO designate of the Prudential Regulation Authority, and a member of the interim Financial Policy Committee of the Bank of England.

Sir Hector replaces Lord Wilf Stevenson of Balmacara who stands down today after five years in the role.

The appointment takes effect from 1 July and Sir Geoff Mulcahy, an existing board member, will act as interim chair until then.

Lord Stevenson said the number of people in problem debt who have been helped over the past five years has increased by more than 80 per cent, and he is delighted Sir Hector has joined to take StepChange Debt Charity through its next stage of development.

“Hector’s deep knowledge of the financial services sector and the commitment to positive change he has shown through the Archbishop’s Task Force on Credit Unions and the Financial Sector are an ideal combination in terms of helping StepChange Debt Charity achieve its vision of a society free from problem debt. I have hugely enjoyed my time with the charity and I wish the staff and the Board every success in the future.”

Sir Hector said he admires the work the charity does in helping people who are experiencing problem debt, and in prevention.

“I look forward to working with the dedicated board and staff and helping them to build on the momentum which has been achieved under Lord Stevenson’s chairmanship.”