View more on these topics

LibDems say FSA review into Northern Rock is a “cop out”

The Liberal Democrats have branded the FSA’s claims that the Northern Rock debacle might have arisen even with better regulation as a “total cop out”.

The internal audit review into the FSA’s role in the crisis published today said that even if supervision had been carried out at an acceptabe level, it did not mean the outcome would have changed.

Shadow Chancellor Vince Cable says: “It is welcome that the FSA has had the courage to admit that it failed to adequately regulate the actions of Northern Rock, though the reality is that it had little choice.

“However, trying to claim that the crisis may have arisen anyway, even if it had dealt with the problem properly, is a total cop out.

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

“Simply asking for more staff is not the answer, we need intelligent regulators not legions of box tickers – quality not quantity.”

Recommended

Sweet surrender

The EEA life settlements fund has risen for 26 consecutive months. It is a low-risk uncorrelated investment solution which aims to return 8 per cent each year.

Abbey adviser fled after £300k fraud

An Abbey banking adviser suspected of a massive fraud fled the country following a bank audit before returning to face arrest, a court heard.Susan Robertson, 50, a personal banking adviser with Abbey in Milngavie near Glasgow, admitted a series of embezzlement charges when she appeared before Dumbarton sheriff court.The court heard that in addition to […]

Bupa announces protection workshops

Bupa is hosting a series of protection workshops in April to coincide with the launch of its new income protection product. The workshops are designed for advisers looking to increase sales in income protection and critical illness and ensure they are advising on protection in line with the FSA treating customers fairly principles.Chief underwriter Chris […]

Actuaries warn on group Sipp choice

Watson Wyatt is warning employers to take particular care when choosing a group Sipp provider as a means to take the maturing proceeds of ShareSave arrangements.Group Sipps allow employees to continue to hold their assets in the shares of their employer,or to sell them and diversify their portfolio.But Watson Wyatt says there is only a […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment