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Vince Cable warns of “fear and vindictiveness” at FSA

Liberal Democrat Shadow Chancellor Vince Cable has criticised the FSA for the perceived “climate of fear and vindictiveness” at the regulator, after a whistleblower refused to be identified.

His concerns are detailed in a letter to FSA chairman Lord Adair Turner, sent after a former FSA supervisor, who this week turned whistleblower over regulatory failings, will not be named.

Cable says: “It is worrying in itself that people who wish to act in the public interest should feel that there is a climate of fear and vindictiveness in the FSA. You should, I think, consider how to ease this fear; otherwise problems which you should know about and act upon will remain hidden.”

Cable is urging the FSA to investigate the whistleblower’s claims.

This follows FSA chief executive Hector Sants’ warning that he is determined to ensure people are frightened of the regulator.

He told delegates at a Reuters Newsmakers event on March 12: “There is a view that people are not frightened of the FSA. I can assure you that this is a view I am determined to correct. People should be very frightened of the FSA.”

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