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

Katrina Lloyd
clock

IFAs were in uproar again this week and with good cause. FSA outgoing chief executive Hector Sants and chairman Lord Adair Turner both made speeches about the broken banking sector.

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...

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 Investment

Advisers zoomed in on capital accumulation in Q4 2025

Advisers zoomed in on capital accumulation in Q4 2025

Titan Square Mile research finds

Jen Frost
clock 30 January 2026 • 3 min read
Measure for measure: How to track your tracker fund

Measure for measure: How to track your tracker fund

Tracking difference and tracking error

Terry McGivern
clock 28 January 2026 • 3 min read
SJP and AJ Bell pivot from US mega-caps in MPS as concentration woes continue

SJP and AJ Bell pivot from US mega-caps in MPS as concentration woes continue

Healthcare, energy and EM preferred

Linus Uhlig
clock 28 January 2026 • 2 min read