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...
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