View more on these topics

Anthony Bolton points to FSA banking failure

Fidelity fund guru Anthony Bolton has questioned the role of the Financial Services Authority in tackling the banking crisis.

Bolton says that while shareholders, independent directors and senior executives all played a part, the regulator was the only party with the “necessary information and knowledge to oversee the banks.”

In his FT Money Column, Bolton says: “They should have known what was going on and, if they did not, they were not doing their job properly. The Bank of England warned about many of the potential problems in its Financial Stability Reports but I’m not sure the Financial Services Authority heeded its warnings.

“The correct question to ask today is, therefore, not where the institutional shareholders were in the run-up to the crisis but, rather, where was the regulator.”

Recommended

Bubbling under

Do you agree with the Investment Management Association that structured products should be regulated?

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment