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

FCA launches consultation on private stock market

FCA launches consultation on private stock market

Move follows Mansion House commitment

Linus Uhlig
clock 17 December 2024 • 3 min read
Partner Insight: Is FOMO overruling investment basics?

Partner Insight: Is FOMO overruling investment basics?

In 2020 we introduced our bubbles chart showing how concentrated investors were in a particular theme. Four years on we look at what, if anything, has changed, and what it means for investors going forward.

Orbis Investments
clock 16 December 2024 • 3 min read
Special situations: How to spot a good management team

Special situations: How to spot a good management team

'We prefer management teams that are considered rather than overly promotional'

Henry Flockhart and Andy Gray
clock 10 December 2024 • 5 min read