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FSA banking staff were BoE supervisors

FSA chief executive Hector Sants says it was former Bank of England employees within the FSA who led the areas where the regulator had operational failings.

Responding to a question at the NAPF investment conference last week on whether the FSA is best placed to regulate banks in light of recent calls by the Conservatives for it to be split or stripped of certain powers, Sants defended the current model.

He said: “I think there is always a tendency for media politicians when failure has occurred to think that the easy solution is to change the name on the door or reorganise the structure as opposed to taking difficult decisions, which are making real improvements.

“You could contemplate putting the whole of the FSA with the Bank of England but the idea of carving out banking regulation alone makes no sense to me and is not supported by the events of the last 18 months.

“In any case, I remind you of the fact that in the area that we had our operational failings, almost all those staff were former Bank of England supervisors – that was the Bank of England former supervisory division.”

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