Turner says FSA 'seduced' by long boom years

clock

The FSA was ‘seduced' by the long boom of the late 20th and early 21st centuries, says Lord Turner.

Speaking at a Parliamentary Select Committee hearing today, the FSA chairman says regulators and banks became complacent due to an uninterrupted decade of economic growth, and believed it would never end. The hearing, tackling the issue of whether banks should have been considered ‘too big to fail', heard there can be no guarantees that tighter regulation might prevent a future crisis. Turner says the size of UK banks is not important, believing a multitude of smaller banks could still have become over-exuberant when lending. High capital liquidity requirements, and macro-prudentia...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Considering client emotions: Dealing with post-Budget anxiety

Considering client emotions: Dealing with post-Budget anxiety

Advisers need to understand client emotions during 'turbulent times'

Isabel Baxter
clock 01 November 2024 • 4 min read
Well-trailed Autumn Budget 'not as dramatic as expected'

Well-trailed Autumn Budget 'not as dramatic as expected'

Although speculation around pensions tax-free cash was ‘unhelpful’

Isabel Baxter
clock 01 November 2024 • 4 min read
Feel Good Friday: Succession Wealth raises £30,000 for cancer charity

Feel Good Friday: Succession Wealth raises £30,000 for cancer charity

Wealth firm hosts its annual charity golf tournament

Professional Adviser
clock 01 November 2024 • 1 min read