Who would want to run a cut-down FSA? | Business | The Guardian: "The FSA, after its humiliations, finally sounds like a watchdog to be feared. There is a risk that its improvements are lost as officials switch desks to fit the new chancellor's model. Osborne, if he is serious about fighting the next financial battle rather than the last, must also address that worry head-on."
Fear of the regulator is not a panacea.
At the end of 2009 I might have agreed that there were the shoots of improvement but in 2010 it has been a catalogue of disasters with regulators so desperate to keep the good ship FSA afloat that they lost the plot.
There are a number of serious risks the regulators have failed to see because they are looking in the wrong direction, I told them about two of them but the typical overreactions demonstrate that the regulator is rudderless.