Britain's chief financial regulator blamed Gordon Brown yesterday for contributing to the economic crisis, coming close to accusing him of stoking the credit-fuelled housing boom and bust, reports The Times .
Hector Sants, chief executive of the Financial Services Authority (FSA), said that the pro-debt view of government ministers was one of the structural failures that led to the crisis. He said one problem was "a prevailing mindset of Government and society promoting the benefits of credit and asset inflation, notably in housing". The comments appear to be the first time that the FSA has directly criticised the Government for its role in creating some of the imbalances that led to the banking catastrophe of the past two years. Standard Chartered has become the latest financial instituti...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
