From the editor: When will the FSA finally get tough on banks?

Katrina Lloyd
clock

IFAs were in uproar again this week and with good cause. FSA outgoing chief executive Hector Sants and chairman Lord Adair Turner both made speeches about the broken banking sector.

Sants appeared to be taking a tough stance, warning the regulator should step in to ‘police' the banking sector. However, playing the ‘bad cop' now with the banks appears way too late - as Adair Turner admitted. He says he is unsure if the FSA has the ‘tools' to change the banking culture, despite the hundreds of new staff members being drafted into Canary Wharf. "We have pursued the Treating Customers Fairly principle, and can push the banks to change, but they will have to want to change," he said. For many IFAs this is a totally unacceptable double standard. The FSA has taken a tou...

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 Investment

Autumn Budget 24: Reeves sets 20% IHT rate on AIM shares

Autumn Budget 24: Reeves sets 20% IHT rate on AIM shares

Chancellor unveils 50% relief

Cristian Angeloni
clock 30 October 2024 • 1 min read
Cash in Conversation: A poll for financial advisers

Cash in Conversation: A poll for financial advisers

Professional Adviser
clock 29 October 2024 • 1 min read
The challenges and opportunities for active managers

The challenges and opportunities for active managers

'We believe good active managers always have a place in a portfolio'

Darius McDermott
clock 29 October 2024 • 5 min read