Lord Turner said that by 2004 "the whole system was risky"
The head of the Financial Services Authority (FSA) has admitted that the watchdog did not focus enough on the excessive risks being taken by banks.
"We didn't focus enough on that," Lord Turner said on the BBC's Andrew Marr Show, referring to the fact that by 2004 "the whole system was risky".
He stressed that other regulators around the world had also failed to notice the problem.
Lord Turner took over as chairman of the City watchdog in September 2008.
See full Article.
Posts
