February 25, 2009
Bank regulation was flawed
Story link: Bank regulation was flawed
The FSA have admitted that the regulation of banks recently have not been up to standard and in places, have been flawed.
Instead of looking at business strategies the FSA chose to look at the financial institutions organisational structure.
Giving evidence at the Treasury Select Committee this afternoon, Adair Turner, the chairman of the FSA said while there was competent execution, “in retrospect” the style of regulation was not.
Lord Turner said that prior to the banking crisis, there had been political pressure to be less intrusive when looking into banking organisations.