The City cowers as Sir Howard takes his throne

Professional Adviser
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Following the Equitable Life debacle, the square mile is bracing itself for life under the all-powerful FSA

For once, a week without interest rate cuts. The markets may be languishing but there is plenty of activity for investors to observe and digest. In the UK, the investment industry is bracing itself for the accession of the Financial Services Authority, set to be the most powerful financial regulator in the world. Basically, if you have ever handled money or engaged in a commercial transaction, you now answer to the FSA. Banks, building societies, friendly societies, insurance companies, (indeed, any companies), investment managers, traders, brokers, analysts, public relations agencies ...

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