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

Targeted support signals evolution in advice delivery

Targeted support signals evolution in advice delivery

Softer launches expected at first

Isabel Baxter
clock 10 April 2026 • 1 min read
CII: Vulnerable client management is 'an opportunity for growth'

CII: Vulnerable client management is 'an opportunity for growth'

Firms can expand potential client bases

Isabel Baxter
clock 07 April 2026 • 2 min read
Common language used by advisers triggers anxiety and distrust among retirees

Common language used by advisers triggers anxiety and distrust among retirees

Product-led communication one of the biggest drivers of mistrust

Laura Purkess
clock 01 April 2026 • 1 min read