Early intervention will 'choke off' consumer detriment - Sants

Speaking at the Annual Lubbock Lecture in Management Studies at Oxford University today, Sants says the FSA will intervene far more proactively in the future. However, he says the structure of UK regulation was "not a major contributory factor" in the financial crisis. Under the ‘old-style' FSA, there was little intervention in firms' business until clear evidence of detriment emerged, but Sants says this will no longer be the case. "[The old-style] was a retrospective form of regulation," he says. "Intervention needed to be based on observable historical facts." He claims the ...