From the editor: When will the FSA finally get tough on banks?

Sants appeared to be taking a tough stance, warning the regulator should step in to ‘police' the banking sector. However, playing the ‘bad cop' now with the banks appears way too late - as Adair Turner admitted. He says he is unsure if the FSA has the ‘tools' to change the banking culture, despite the hundreds of new staff members being drafted into Canary Wharf. "We have pursued the Treating Customers Fairly principle, and can push the banks to change, but they will have to want to change," he said. For many IFAs this is a totally unacceptable double standard. The FSA has taken a tou...