Home | Topics | FSA

As Britain prepares to junk the FSA, some in the City still believe the market knows best

Printer-friendly versionPDF version

A blog published by QFINANCE yesterday Ian Fraser discusses the end of days of FSA. "There is no denying that the transition from the FSA's failed approach to the coalition government's proposed alternative is fraught with danger. However I, for one, am a little surprised that the FSA still has cheerleaders in the City."

The Financial Services Authority—founded by ex-chancellor Gordon Brown in May 1997—is widely regarded as having made a dog’s breakfast of regulating the UK’s financial sector over the past decade.

The Tories pledged to scrap the FSA before they gained power in May, a commitment which together with talk of breaking up “too big to fail” banks such as Barclays and Royal Bank of Scotland, played a part in their electoral success.

The FSA’s Achilles heel was that, taking its lead from laissez-faire ideologues, it had a tendency to put promoting London as a financial centre ahead of ensuring institutions based there were properly managed, acted responsibly or treated customers fairly.

Its ‘light touch’ and ‘limited touch’ approach meant that important matters, such as whether UK banks were actually solvent or taking outrageous risks, got sidelined or ignored. And its shocking inability to protect consumers from the more rapacious financial firms earned it the consistent nickname the “Fundamentally Supine Authority”.

Tobread the original blog post in full click here (qfinance.com)!

See the full potential of Ian Fraser blogging, take a look at:

http://www.ianfraser.org/is-bgc-partners-being-entirely-honest-about-its-mint-deal/

 

Short URL
Asymptotix on Twitter

Are the key legislative pillars such as Basel II & III, UCITS IV and Solvency II forcing you to re-examine how you identify, measure and manage risk and capital?

Asymptotix work closely with our partners to help clients develop a more proactive, systematic and integrated approach to governance and risk management to deliver proper value.

Asymptotix can offer the support you need to deliver on time. Read more...
 

Is the goal of your website to sell services or products, educate, or collect data?

A positive customer experience is vital to conversion, no matter what your conversion goals may be. Our designers and developers will create a positive experience to maximize your conversions and deliver the optimal return on your investment. We strive to find the perfect balance between the web site’s design and functionality.

Asymptotix implements interactive solutions for European companies. From corporate websites to social communities, our clients will tell you an investment in building a scalable online experience will deliver long-term tangible benefits.

Based in Luxembourg we can help you all over Europe. Our multi-lingual team can work with projects and speak your language! Read more...