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Davies says FSA could have done better over markets

FSA chairman Howard Davies has admitted the regulator “could have done

better” in dealing with falling stockmarkets.

In an interview with BBC Radio 4&#39s The Today Program last week, Davies

conceded that the FSA should have done more to anticipate the direction of

the markets and acted accordingly.

While not mentioning any specific action that the FSA could have taken,

Davies said the regulator had come under significant pressure to take

action as the markets have plummeted.

He also said the FSA is looking at the issue of splitcap investment trust

investors getting compensation depending on the outcome of Ombudsman

decisions although this will not come as much of a surprise to many in the

industry.

Davies said: “We have, of course, run into difficulties. I personally think

that most of them have their roots in the fact that financial markets over

the last two or three years have been very, very difficult indeed. Could we

have dealt with them more expeditiously? You always look back and say, &#39If

only we forecast this outcome&#39. I think one constantly thinks one could

have done better.”

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