FSA warns off EU from interfering with national regulation
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The FSA has warned that it is vitally important that the EU financial regulators do not interfere with an individual country’s regulation.
According to the Daily Telegraph, FSA chairman Lord Turner sounded a warning to delegates at the FSA asset management conference yesterday that any ‘mission creep’ between the new European Supervisory Authorities and FSA could be a sticking point.
He said: “We are clear the fundamental process of supervision has to occur where expertise is, with the national authorities.”
The new European Supervisory Authorities will be made of three European regulators - the European Banking Authority in London, the European Securities and Markets Authority in Paris and the European Insurance and Occupational Pension Authority in Frankfurt. It will begin supervision in January 2011.
Turner also warned against the possible dangers of the alternative investment fund managers directive. He said the AIFM must recognise the “global nature of the industry” and allow European professional investors to continue to use alternative investment funds.
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Readers' comments (12)
Alan Lakey | 17 Sep 2010 8:55 am
Could this be the definition of irony?
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Anonymous | 17 Sep 2010 9:13 am
He said: “We are clear the fundamental process of supervision has to occur where expertise is, with the national authorities.”
He is joking?
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Anonymous | 17 Sep 2010 9:47 am
And where precisely is this "expertise" located within the FSA????
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Anonymous | 17 Sep 2010 9:52 am
Expertise!!! Lord Turner, you having a laugh.
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Colin | 17 Sep 2010 10:43 am
Expertise? FSA! Yip - expertise in how to destroy an industry!
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Mr Fisher | 17 Sep 2010 11:01 am
Ha Ha Ha
The expertise that has allowed the UK to have to sell its assets in fire sales, the expertise that has brought about defence cuts taking it down to a second division power, the expertise that his to caused VAT to have to be increased to 20%, the expertise that has forced pension rights to be trashed.
I think perhaps the Germans can do with out that level of expertise.
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Julian Stevens | 17 Sep 2010 12:01 pm
If the FSA is so brimming with expertise, then why is the new government going to scrap it as unfit for purpose?
Why has Hector Sants been hauled before the Treasury Select Committee to account for the failure of the FSA to regulate the banks?
Why are MP's taking up the fight against unjust and excessively heavy handed and biased regulation on behalf of their constituents?
Why have victims of bank misselling had to demonstrate outside parliament about the lack of action on the part of the FSA?
Why is the FSA permitted to act outside the law by denying IFA's the protection of the 15 year longstop and regulating by hindsight?
How can it be right for the FSA to operate without being held to the Statutory Code of Practice For Regulators?
If this is Lord Turner's idea of "a world class regulator" then he obviously needs to wake up to the real world.
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Anonymous | 17 Sep 2010 1:49 pm
I have just checked and no it is not April the 1st, but it sounds like it, world class regulator, well it ain't the FSA, thats for sure,they have a clue what is going on and when they do find something it is usually after the culprits have long gone, but to be fair they have been pretty good at destroying our financial services with of course the exception of there mates in the banks who are of course immune from any sort of regulation
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Paul Nash | 17 Sep 2010 3:20 pm
Mr Turner, could you kindly inform us, as to exactly what planet you are living on?
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Peter Turner | 17 Sep 2010 11:10 pm
I just wanted to make clear that he is not related to me!
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