FSA chief: Regulators not clever enough

15 December 2011

Regulatory bodies are not acting with enough intelligence to resolve the ongoing issues in the global financial system.

That is according to Adair Turner, chairman of the Financial Services Authority (FSA), who believes the fiscal arena is once again fragile as such bodies seem incapable of formulating an effective strategy to deal with the many problems.

During an interview with Prospect magazine, Mr Turner explained that the financial system often feels like "some incredibly complicated waterbed", insofar as "when you try and deal with something here, something happens at the other end".

He went on to insist regulators are "just not clever enough" to anticipate where issues are going to emerge and how their actions will impact the wider situation.

This comes after the FSA yesterday (14 December) announced that financiers are set to have to "prominently display" how much compensation their savers would be entitled to should the company fail in the future.

By Asim Shah

Become a bobsguide member to access the following

1. Unrestricted access to bobsguide
2. Send a proposal request
3. Insights delivered daily to your inbox
4. Career development