SINCE THE DEMISE of the UK’s Financial Services Authority was announced by the coalition government in July, the banking industry seems to have developed a sudden affection for the institution that it has loved to hate for the past 13 years.
There is no doubt that the financial crisis exposed big defects in the FSA’s supervision of the banks and financial markets, particularly its complete failure to spot systemic risks building. Its own internal audit of its supervision of mortgage bank Northern Rock is a damning indictment of its approach.
Access intelligence that drives action
To unlock this research, enter your email to log in or enquire about access
