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“Not the end” says FSA chief

Lord Adair Turner, chairman of the Financial Services Authority, has warned that the rescue of beleaguered lender Bradford & Bingley is not necessarily the end of the UK’s financial strife.

Turner says that the FSA is keeping a watchful eye over the market and that the regulator is prepared to step in again if needed to protect retail depositors and financial stability.

In an interview with Radio 4 Turner says: “We are not necessarily right at the end of this process.

“At the moment we believe our other high street banks are well capitalised and in a reasonable condition but we will have to keep this situation under review.

“Several times over the last year regulators and banks and treasuries have believed that the situation has reached a full resolution and that we can be confident that there is a turning point, and on several times they have been disappointed.

“We hope that we now have a turning point but we don’t know, therefore we keep it under review.”

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