Barclays appoints former head of UK financial watchdog Hector Sants as head of compliance

Barclays says it has appointed the former head of Britain's financial regulator to the newly-created role of head of compliance.

The bank says Hector Sants will oversee all compliance activities across Barclays, in all regions in which the bank does business. It says that for the first time, all compliance staff within the bank will report to one individual.

Sants stepped down as the chief executive of the Financial Services Authority in June.

Barclays also says Wednesday that Sants will be responsible for the bank's relationships with governments and regulators around the world. He will take up the post on Jan. 21.

The bank was hit by scandal earlier when British and U.S. regulators fined it 290 million pounds ($467 million) for manipulating a key interbank lending rate.