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Brown drew up framework and must take blame for failings, says Cameron

Conservative leader David Cameron believes that the regulatory failings exposed in the FSA’s internal report can be traced back to Gordon Brown.

During Prime Minister’s Questions last week, Cameron attacked Brown for not admitting the serious failings uncovered by the report.

He said: “I know that the Prime Minister created the regulatory system but he needs to be frank about its failings. The FSA’s remarkable report says ‘The supervision of Northern Rock revealed the most significant combination of shortcomings,’ yet not a word about that from the Prime Minister.”

Cameron said the report proved that the power to rescue banks should be passed to the Bank of England. He said: “The report says ‘the FSA is short of expertise in some fundamental areas, notably prudential banking experience and financial data analysis’. Are these not the absolutely key things needed to be a regulator? Is not that why the Bank of England should be in charge of these rescues rather than the FSA?

LibDem Shadow Chancellor Vince Cable branded the FSA’s claims that adequate regulation may not have prevented Northern Rock’s collapse as a “total copout”.

He said: “It is critical that the FSA sets itself higher standards. Not only should it be alert to known dangers, but it should also investigate the impact and risk of new business practices.”


Emerging confidence

Events last year changed investors’ perception of risk. On the one hand, some people were trading “safe” instruments unaware of the toxic properties contained within them. On the other hand, emerging markets, traditionally the most “risky” of global equities, quietly moved closer to the mainstream of personal investing with a steady flow of new frontier funds from managers.

Salt withdraws product range with immediate effect

Salt has withdrawn all of its product range with immediate effect.In an email to brokers it says that this is due to unprecedented volumes in the last 24 hours.Salt says: “Current market conditions have resulted in a number of lenders withdrawing products. This has resulted in an increased appetite for our products and a corresponding […]

Risk-based funds set to rise, says F&C

F&C says risk-based funds are on the up as a result of developments in the regulatory and distribution landscapes. A year after the launch of their lifestyle fund range, head of UK retail distribution John Yule says he expects to see significant momentum in the growth of risk-based funds in the UK market. He says […]

Sovereign powers

Eight months after the credit crisis started to unfold, there is not much let-up in the newsflow from banks of writedowns leading to balancesheet rebuilding via rights issues and deals with sovereign wealth funds.

Qatar cover image - thumbnail

White paper — Qatar International Insights

Jelf Employee Benefits highlights new legislation, key requirements and policy considerations when structuring international private medical insurance (IPMI) for expatriate employees in Qatar. This edition will be of particular interest to global human resource directors, compensation and benefits specialists and mobility managers who have employee populations in Qatar.


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