FSA chairman admits the regulator failed to spot the looming credit crisis that has crippled the banking system
The FSA failed to pick up on the risks being taken by the banks in recent years, its chairman has admitted.
Interviewed on the Andrew Marr Show, Lord Turner said regulators around the world had failed to spot the 'large systemic risk' that the banking system was operating in by 2004.
Advertisement
'We didn't focus enough on that - the FSA, the Bank of England, the Treasury, the Fed and OCC [Office of the Comptroller of the Currency] in the US didn't focus enough on these issues. We have got to get that right in the future,' said Lord Turner.
See full Article.
Posts
