FSA shows its teeth as Lord Turner admits he was seduced

Posted by admin in Risk & Regs on Wed, 03/03/2010 - 10:29
  • The seductive charms of the economic boom lulled the FSA into a false sense of security, but now it's toughening up its image with a new set of penalties.
The Financial Services Authority (FSA) is getting tougher on rule breakers as it chairman Lord Turner confesses that the regulator was “seduced” in the past.    Facing the Treasury Select committee, Turner warned that unless lessons were learned and taken on board, there is no guarantee another global financial meltdown can be avoided."Everyone was seduced by the long boom,” he admitted. “We were often led astray in the past by complicated mathematical rules.

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