The British regulatory body Financial Services Authority (FSA) seems to be in the wars. I would not have taken the road of the opposition party Conservative Party which announced that the FSA would be abolished, if the Tories won the forthcoming general election. I think it does'nt help morale and there might be actually a case for the tripartite process of regulation. The regulatory bodies of other countries do not seem to have performed well.
However, the FSA is the bane of the humble independent financial adviser (IFA) in the United Kingdom with masses of red tape and fees. Although I don't think the Bank of England would want to track the activities of the financial advice arena.
Showing posts with label Financial Services Authority. Show all posts
Showing posts with label Financial Services Authority. Show all posts
Monday, 10 August 2009
Thursday, 27 March 2008
Briault walks the plank at Financial Services Authority.
Managing director Clive Briault has walked the plank at the UK regulatory body
Financial Services Authority (FSA) following the Northern Rock debacle according
to Money Marketing. However, Mr Briault was the prime mover of the retail distribution review, which has yet to be finished. He leaves with a contractual
£380,000.
Elsewhere, I read that the actual FSA staff supervising the UK mortgage bank were insurance rather than banking experts. The organisation's internal report has pointed to failings in the supervision of Northern Rock but I think the main structural flaw was the tripartite responsibility of the FSA, the Bank of England and the Treasury.
Bank of England governor Mervyn King still seems to want to punish banks for their mistakes but he lost the opportunity to do that some time ago. In a perfect world
the banks' shareholders would lose their shirts for their poor lending decisions
but this would be too damaging for all concerned.
Financial Services Authority (FSA) following the Northern Rock debacle according
to Money Marketing. However, Mr Briault was the prime mover of the retail distribution review, which has yet to be finished. He leaves with a contractual
£380,000.
Elsewhere, I read that the actual FSA staff supervising the UK mortgage bank were insurance rather than banking experts. The organisation's internal report has pointed to failings in the supervision of Northern Rock but I think the main structural flaw was the tripartite responsibility of the FSA, the Bank of England and the Treasury.
Bank of England governor Mervyn King still seems to want to punish banks for their mistakes but he lost the opportunity to do that some time ago. In a perfect world
the banks' shareholders would lose their shirts for their poor lending decisions
but this would be too damaging for all concerned.
Wednesday, 26 March 2008
It is official FSA can't regulate banks.
The Financial Services Authority (FSA) has admitted regulatory failings over the UK
mortgage bank Northern Rock. Apparently, the FSA thought that the Bank of England would do more to support banks, when interbank lending froze up during the summer of
2007.
The small fry have been toasted with five of the seven member team directly supervising Northern Rock leaving. However, other main factors were the dithering of the UK Treasury and the Bank of England governor worrying about moral hazard.
mortgage bank Northern Rock. Apparently, the FSA thought that the Bank of England would do more to support banks, when interbank lending froze up during the summer of
2007.
The small fry have been toasted with five of the seven member team directly supervising Northern Rock leaving. However, other main factors were the dithering of the UK Treasury and the Bank of England governor worrying about moral hazard.
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