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Heads should roll at the FSA, says Vince Cable

Liberal Democrat shadow chancellor Vince Cable says Alistair Darling should be firing FSA chairman Sir Callum McCarthy after the regulator’s “systematic failure” over Northern Rock rather than increasing his powers.

He says: “After the Treasury Select Committee report concluded that the FSA was guilty of ‘systematic failure’ over Northern Rock, it is baffling that the Chancellor now seems intent on giving it a bigger role, rather than the Bank of England.

“The Government should be firing the chair of the FSA, not giving this failed regulator more responsibility. Immediately after being reappointed as Governor, Mervyn King is being undermined because powers are being shifted elsewhere.”

Cable says Darling seems focused on how to treat the symptoms of banking failures rather than addressing the causes.

He says: “Improved depositor protection is welcome, but not all problems in the financial sector can be solved by regulation alone. Ministers must work to make the whole banking sector more competitive. By breaking down the barriers which stop new and innovative companies entering the banking market and by letting banks fail, we can drive down costs and improve business practices.”


Mortgage approvals show dramatic fall

Analysis from Connells Survey & Valuation shows a huge drop in mortgage approvals, with figures down by 21 per cent in December from November and showing a 43 per cent fall from December 2006.Approvals for home purchase fell to 66,000 from 83,500 in November.The analysis reveals mortgage approval trends in advance of the Bank of […]

Strong sales rise for St James’s Place

St James’s Place saw business figures rise by 23 per cent last year to £428.6m from £349.1m.Investment business was up by 27 per cent, from £186.5m to £236.0m and pension business rose by 23 per cent,from £140.1m to £172.3m. Protection sales dropped by 10 per cent from £22.5m to £20.3m.Chairman Mike Wilson says the firm […]

Auto enrolment – so far so good?

Jamie Clark – Business Development Manager The recent report from the Pensions Policy Institute demonstrates the sheer scale of auto-enrolment so far and what we can expect in the future. We’ve pulled out the key information to save you reading the full report. Auto enrolment in numbers Sources: Pensions Policy Institute, The Future Book: Unravelling […]


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