The Financial Services Authority has cancelled the annual review of its own effectiveness, despite criticisms of its failure to prevent the near collapse of banks including HBOS and Bradford & Bingley.
According to The Independent, the decision was taken at a board meeting chaired by Lord Turner, who last week presented his review of banking regulation, including reforms of the FSA. The effectiveness of the board and its main committees have been reviewed every year. External consultants are employed every three years while an in-house assessment is conducted in other years. Most reviews have found deficiencies in the regulator's working or the quality of board decisions. The review is required by the Combined Code on corporate governance and an explanation of the decision not to hold...
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