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Brown calls Davies to account

Chancellor Gordon Brown has written to Howard Davies demanding he inform the Treasury of any serious problems that arise which may lead to statutory inquiries.

The letter sets out Brown&#39s expectations of the FSA in keeping the Government up to speed on its regulatory activities. It is likely the letter is due to the Equitable debacle, which saw the Treasury and individual ministers dragged through the mud.

It said: “The FSA is independent of Government, but it is important that the FSA and its Board can be called to account by both the Government and Parliament and fully recognises the interests of all its stakeholders.

I am therefore setting out today how I propose to use my legislative powers so that we can all be satisfied that the FSA is meeting its objectives and that accountability process works as effectively as possible.”

Davies replied: “We attach great importance to being an open, transparent and accountable regulator. The Chancellor&#39s letter sets out clearly in public the respective roles and responsibilities of the FSA and the Government and how we will account for our actions to the public and Parliament.”


Credit Agricole Asset Management sees Eastern promise

Asian economies show signs of promise and could be set for a resurgence, according to Credit Agricole Asset Management.CAAM&#39s latest investment report shows strong growth since September. By the end of November the MSCI Asia ex-Japan index was up 19 per cent, compared to 8.78 for the MSCI World index.

Picturing 2001

The new year started with the industry still reeling from the closure of Equitable Life to new business. In January, the FSA came under pressure to explain why it granted Equitable Life approval for stakeholder pensions just a month before it closed to new business. The news cast a new shadow over confidence in the […]

FSA warns that KFD is not enough as it gets tough on endowment complaints

The FSA is to crack down on the way firms deal with mortgage endowment complaints, saying it is “disturbed” by the way complaints are being handled. A key features document risk warning will no longer be enough on its own to justify rejecting a complaint. Speaking at an Infoline conference on the regulation of after […]

Multi-manager giant Russell links up with Widows in retail deal

Institutional multi-manager giant Frank Russell took its first major step into the UK retail market this week as it entered into an alliance with Scottish Widows. The deal will see Widows roll out a new range of multi-manager funds at the end of next month, each investing in a combination of Russell&#39s manager of manager […]


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