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

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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)!

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