FSA boss Howard Davies has admitted that his staff lack sufficient experience to task the complex re...
FSA boss Howard Davies has admitted that his staff lack sufficient experience to task the complex regulatory regimes affecting the financial services industry, the FT reports today.
The admission comes after a period of intense criticism from banks and other financial institutions.
"An intensive programme of training and development will be necessary to correct that deficiency," Davies says.
US regulators are meanwhile promising action of their own in relation to accountancy standards.
"Public outrage at scandals from Enron to Xerox and Tyco has galvanised the White House and politicians on all sides to resolve many of their differences and take action," the FT writes.
The main argument now is not whether to take action, but how far to take it, with the Securities and Exchange Commission, responsible for regulating listed firms, wanting to push ahead with less drastic action than that being talked about by a large number of Congressmen.
And talking of accounting, it transpires that Credit Suisse has pumped Sfr1.7bn into its Winterthur insurance unit in order to offset some of the damage to the equity holdings of the business due to global markets slumping in the past year.
Winterthur was supposed to offset the volatility of the bank's equities business, the FT says, but the strategy has not worked.
What made financial headlines over the weekend?
Vitality at Work scheme
Reporting to Steve Hill
Appointed on 19 September