Pasted by Brian Redhead
“THE TEMPEST”, or “A Midsummer Night’s Dream”? Scenes from both plays looked down on Lord Turner in the Drapers’ Hall as he explained on March 18th how the Financial Services Authority (FSA), the financial watchdog he chairs, will change and get much tougher. He chose to speak in the heart of the once-glorious City rather than in the casino-country of Canary Wharf, London’s wholesale financial district. There, the FSA has made itself perhaps too much at home.
His review anticipates a meeting of G20 leaders in London on April 2nd, which has financial regulation high on its agenda. European, indeed global, co-ordination is an important component of any effective new approach. But no matter what anyone else does, the FSA, whose reputation has been battered by the collapse of various banks under its supposedly watchful eye, must clean up its act at home, as it freely admits. This is a start.
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