Blog: Are we throwing good money after bad at the FSA?

Katrina Lloyd
clock

For the FSA to ask for a 10% increase in funding is a major kick in the teeth for all the thousands of smaller firms forced to make drastic cut backs as the economic situation continues to bite.

CEO Hector Sants claims the rise is necessary to help the regulator run its enhanced supervision regime-which it was forced to implement after totally failing in its task to regulate the banks effectively. Now, the FSA is asking for the chance to put things right with hundreds of extra staff drafted into Canary Wharf to help it up its game. Many would argue throwing more money at the issue may not be the answer. Although the FSA says it has learnt from its mistakes of the past few years it is hard to change the mindset of what is becoming an increasing unwieldy organisation. As far...

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

Tackling the biggest challenge facing financial services in the UK

Tackling the biggest challenge facing financial services in the UK

'Trust in financial services is slipping'

Professional Adviser
clock 04 March 2026 • 4 min read
'No news is good news': Spring Statement stability welcomed

'No news is good news': Spring Statement stability welcomed

‘This was a low-key event, especially for pensions’

Jenna Brown
clock 03 March 2026 • 4 min read
FCA opens targeted support authorisation gateway

FCA opens targeted support authorisation gateway

Firms can now apply for permission to provide targeted support

Isabel Baxter
clock 02 March 2026 • 2 min read