FSA's Turner: We're not clever enough to spot problems

clock

The chairman of the Financial Services Authority (FSA) has said regulators are "not clever enough" to spot problem areas and act quickly enough to prevent or limit their damage.

Turner likened the global financial system to "some incredibly complicated waterbed" where regulators attempt to plug a leak on one side only for a new one to spring up on the other. "We're just not clever enough to see it," Turner said in an interview with Prospect magazine. Turner also hit out at what he said was deliberate action by some influential policymakers in the US to starve its regulators of funds. He is worried the American financial industry is succeeding to dissuade lawmakers from pressing ahead with a sweeping reform of Wall Street known as the Dodd-Frank Act. "Wh...

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 Regulation

'Risk aversion' from FCA and PRA limiting UK growth and competitiveness

'Risk aversion' from FCA and PRA limiting UK growth and competitiveness

Regulators 'constraining firms', House of Lords report claims

Patrick Brusnahan
clock 13 June 2025 • 2 min read
FCA targeted support communication to 'ramp up' as further guidance issued

FCA targeted support communication to 'ramp up' as further guidance issued

Regulator expected to update the industry this month

Isabel Baxter
clock 09 June 2025 • 5 min read
FCA joins forces with international regulators on illegal finfluencer crackdown

FCA joins forces with international regulators on illegal finfluencer crackdown

Nine regulators from across the globe come together

Isabel Baxter
clock 06 June 2025 • 3 min read