Britain's top financial regulator has been accused by a former supervisor of "indifference" and "wilful ignorance" in regulating building societies as they moved into risky loans in the run up to the credit crisis.
"A culture of apathy and complacency marked the Financial Services Authority in the period," the whistleblower wrote in a commentary to Vince Cable, the Treasury spokesman for the Liberal Democrats.
He claimed many "talented and conscientious" staff left rather than challenge the official light-touch policy because anyone who did was "criticised for rocking the boat and branded a trouble maker".
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