View more on these topics

Third party could have widened scope of FSA review

The Financial Services Consumer Panel says independent auditors could have widened the scope of the Financial Services Authority’s internal review.

While it congratulates the FSA for facing up to its shortcomings, it says independent auditors could have provided a valuable wider perspective.

John Howard, panel chairman of the FSCP, says: “The FSA concludes that even if
supervision had been acceptable it was by no means the case that that would have changed the outcome.

This suggests to me that the events surrounding the failure of Northern Rock, including the sudden collapsein credit markets, were testing the limits of regulation anyway.

“No regulator can guarantee to prevent all failures. In those circumstances, a realistic compensation scheme which pays out quickly is vital to prevent another bank run.”

Recommended

FSA offers free small firms surgeries

Free surgeries from the Financial Services Authority are available to mortgage brokers in Taunton on April 22, Bath on April 23 and Bristol on April 24. The FSA says it is committed to helping small firms comply with its requirements and as part of this is offering one to one surgeries where firms can ask […]

MSTV tackles future of secured loans market

The future of the secured loans market and the impact of the Consumer Credit Act have come under the spotlight in the latest edition of MSTV.Mark Lofthouse, chief executive officer of Mortgage Brain, and Malcolm Guest, managing director of The Source, share their views about the future of secured loans, master packagers and the role […]

BoE offers markets £15bn

The Bank of England has pledged £15bn to help the short-term money markets. The funds will come in three £5bn tranches, one a week until April 9.The BoE revealed the additional injections after its £11bn scheduled short-term auction was three times oversubscribed.

Bridge building

The bridging sector has left behind its unsavoury image to emerge as a vital aid for borrowers and an attractive proposition for brokers, says Nick Reeves

Europe: Nursery slopes

After a flat year for European equities, in which the Artemis European Growth Fund outperformed, manager Philip Wolstencroft is (cautiously) optimistic about 2016.

Newsletter

News and expert analysis straight to your inbox

Sign up