Clamp-down on credit ratings agencies and hedge funds: Turner

The Turner Review of Global Banking Regulation said there are concerns ratings for structured credit vehicles, such as mortgage-backed securities which lay at the heart of the credit crunch, were far less robust than for single securities. It also said there was doubt as to whether the governance of ratings agencies has adequately addressed issues relating to conflicts of interest and analytical independence. "Ratings agencies competing for the business of rating innovative new structures may not have ensured that commercial objectives did not influence judgements of whether the instruments...