Hector Sants, Chief Executive of the Financial Services Authority explains why he supports a more intrusive approach to supervising banks
The Financial Services Authority (FSA), the independent body that regulates the financial services industry in the UK, has been in the news a lot lately, and not always for the right reasons. In the lead-up to the financial crisis, many would argue that the FSA failed to fulfil its role to "promote efficient, orderly and fair markets" and to "help retail consumers achieve a fair deal," and that it has not been robust enough in challenging banks, building societies, and financial services firms about their operations and business models.
[This article has been reproduced with permission from Said Business School, University of Oxford. The article originally appeared in the School e-magazine, THEWORLD@OxfordSaid. http://www.sbs.ox.ac.uk]