Annual Public Meeting: Chairman's speech

Speech by Lord Turner, FSA Chairman at the FSA Annual Public Meeting Good morning and welcome to the Annual Public Meeting (APM). The purpose of the APM is for us to report on the FSA’s activities over the last year – in formal terms, that means the year April 2011 to March 2012. The Annual Report, which we published on June 19, sets out the details of our activities in that year, including a financial report on our revenue, expenditure and balance sheet. And we will be very happy to take any questions on that report. But since this will be the last APM of the Financial Services Authority in its current form, it makes sense to place my comments about the year 2011 to 2012 within the context of what the FSA has achieved over four years since the onset of the financial crisis. None of us who was in the FSA as the financial crisis intensified in autumn 2008 will ever forget that experience. I certainly won’t – becoming chairman of the FSA on Saturday September 20 2008, a week after Lehman had collapsed and two weeks before we decided we had to recapitalise and part nationalise significant parts of the UK banking system. See full Transcript.