Too little, too late for FSA under threat?
- The FSA has come under fire from all sides for lax regulation during the economic crisis. With the Tories threatening to disband it, is it too late for the regulator to beef up its act?
Is it a case of too little, too late? The Financial Services Authority (FSA) plans to get tougher and come down harder on those who breach its rules. To that end, it's beefed up its comments to the outside world and is hiring more staff in anticipation of needing extra hands on deck to deal with miscreants.
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The Bottom Line:If Mr Cable has his way...
"If Mr Cable had his way, all the big banks would be broken up and bonuses would be virtually eliminated - a sure-fire way in my view of guaranteeing an end to the UK’s ability to compete as an international financial centre. Let’s not forget that this is a man who is on record as saying that everyone who works in a bank has an ‘aristocratic lifestyle’ clearly demonstrating his lack of understanding of the sector." A tough line on bankers’ bonuses could make a brain drain of financial talent a distinct possibility, warns Paul Marsden. Read more