Turner says FSA 'seduced' by long boom years

clock

The FSA was ‘seduced' by the long boom of the late 20th and early 21st centuries, says Lord Turner.

Speaking at a Parliamentary Select Committee hearing today, the FSA chairman says regulators and banks became complacent due to an uninterrupted decade of economic growth, and believed it would never end. The hearing, tackling the issue of whether banks should have been considered ‘too big to fail', heard there can be no guarantees that tighter regulation might prevent a future crisis. Turner says the size of UK banks is not important, believing a multitude of smaller banks could still have become over-exuberant when lending. High capital liquidity requirements, and macro-prudentia...

To continue reading this article...

Join Professional Adviser for free

  • 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

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Growth rethink: Tech, talent and consolidation drive change in financial planning

Growth rethink: Tech, talent and consolidation drive change in financial planning

Professional Adviser talks to four firms about how they’re rethinking growth

Sahar Nazir
clock 02 September 2025 • 3 min read
Andrew Goodwin: Investing, gambling and the importance of the long game

Andrew Goodwin: Investing, gambling and the importance of the long game

'Remember that in investing, as in sport, there are no certainties'

Andrew Goodwin
clock 01 September 2025 • 4 min read
Why gender inequality in financial advice is no joke

Why gender inequality in financial advice is no joke

'Gender inequality is a joke that has long since worn thin'

Cara Robinson
clock 01 September 2025 • 4 min read