Was the FSA a success or failure?

The Financial Services Authority (FSA) reigned for 15 years and it would be fair to say it has been pilloried by the press, politicians and advisors alike. But how far was it responsible for the failures of which it is accused, and did it succeed in other, less visible, areas? Several advisers argue that the FSA should be considered in two ways - first, in terms of its management of the wider economy, including regulation of the banks, and second, by the way it implemented new regulations for the financial services community. Abject failure? Peter Cooper, director of Cooper Johnston...