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FSA enlists external experts to probe banks

The FSA is understood to be using external experts to probe the disclosures of major banks such as Royal Bank of Scotland, HBOS (now part of Lloyds) and Bradford & Bingley ahead of the capital raisings undertaken in 2008.

The Financial Times reports that the FSA has engaged firms such as PricewaterhouseCoopers, BDO Stoy Hayward and Ernst & Young to help its supervisory review.

The FT says the findings of the review may not be made public.

The FSA refused to comment on the reports.

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Comments

There are 5 comments at the moment, we would love to hear your opinion too.

  1. “Probe”?

    With the all too familiar white sticks?

    No genuinely disabled persons were harmed in the making of this comment.

  2. On the basis, we may suppose, that the FSA has none of its own. And why might the findings of this probe not be made public? Plus, as always, just how much is this probe going to cost?

  3. Richard Russell 4th January 2010 at 1:39 pm

    An incompetent Government felt it should pass on its responsibilites to an incompetent FSA, who have to employ experts to do their job!

  4. Julian, when they have what amounts to a single rugby team supervising Barclays you would be correct in thinking they are spread a bit thinly on the ground in the banking world. There are more people on the TCF team or the RDR squad than are allocated to all the big banks put together… mind the gap!!

    Anyone who believes that there is a disproportionate amount of regulatory resources aimed at IFAs is bang on the mark.

  5. I understand that Lloyds TSB shareholders were not told of the substantial emergency loan from the Bank of England before they voted on the takeover of HBOS.

    Did that amount to negligence or, worse, commiting a criminal offence?

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