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Hector Sants to stand down as chief of City watchdog FSA

 

Hector Sants is to step down as chief executive of the Financial Services Authority this summer after three years in the job, it was confirmed this morning.

Mr Sants, who joined the City watchdog iin May 2004 as managing director of wholesale and institutional markets, said that he had always only intended to serve three years in the post.

News of his departure comes amid speculation that the Conservatives, if elected, would want Mr Sants to become a deputy governor of the Bank of England.

FSA strengthens stress testing regime

srp processThe Financial Services Authority (FSA) has strengthened its stress testing regime by requiring firms to improve their stress testing capability, enhance their capital planning stress testing and by introducing a reverse stress testing requirement for firms.

The FSA’s integrated approach to stress testing consists of three main elements:

Banking regulation white paper / EU banking regulation - A busy day

The Treasury's white paper on banking regulation is to be published later today. Most papers carry leaks or guesses at what it will contain. The FT says that the tripartite arrangement will not be abolished, but that the FSA will be given new statutory responsibility for banking stability. The chancellor, it says, "will tip-toe around the turf war between the Bank and FSA over who should take the lead in so-called macroprudential regulation, under which the authorities would rein in lending if they believed asset bubbles were forming".

FSA statement on its use of stress tests

The publication in the US of the results of bank stress tests has provoked considerable interest in the use of stress testing by authorities in other countries, in particular in Europe.  Stress testing can and has been used in a variety of different ways, and the appropriate degree of disclosure varies according

Turner’s review dangerously flawed

Lord Turner; image courtesy of Daily Mail

 

By Ian Fraser, Published: The Sunday Times, Date: March 22nd, 2009.

 

 

 

 

 

Last week I met two Edinburgh-based academics who specialise in the field of finance and risk. They told me that, in their view, Lord Turner’s review on the future of financial regulation, published last Wednesday, is flawed.

The Turner Review - A regulatory response to the global banking crisis

The Financial Services Authority on Wednesday announced a sweeping overhaul of the UK’s financial regulatory regime, marking a definitive break with its previous “light-touch” approach and attempting to set a new global standard for the post-crisis world. Lord Turner, chairman of the Financial Services Authority, set out plans to curb banks’ ability to take excessive risks by forcing them to hold more capital and increase their holdings of liquid assets and cash. He pledged to scrutinise any institution that could threaten the stability of the financial system.

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