There has been fresh criticism of the way banks were supervised by the Treasury, Bank of England and Financial Services Authority (FSA).
The House of Lords Economic Affairs Committee said the so-called tripartite system had failed and must be reformed.
Remind me again, which pasty-faced monocular mentalist personally designed the box-ticking fuckup of a system?
3 comments:
The FSA could not regulate a fucking bowel movement.
Sorta relevant:
"Readers should take a look through the FSA handbook. The full handbook contains 10 sections. The section entitled "Prudential Standards" is divided into 11 sub-sections. The sub-section "Prudential Sourcebook for Banks, Building Societies and Investment Firms" is made up of 14 sub-sub-sections. The sub-sub section "Market Risk" is divided into 11 sub-sub-sub sections. The sub-sub-sub-section on "Interest Rate PRR" has 66 paragraphs. This is what socialists call "principles-based, light-touch regulation". As far as I could see, based on this example, there could be more than 1,100,000 paragraphs. Remarkably, I could find nothing on liquidity risk, the main failing of Northern Rock. What a tragedy this whole charade is.
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IEA
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