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

Partner Insight: Finding the right partner for a managed portfolio service

Partner Insight: Finding the right partner for a managed portfolio service

Francis Clark Financial Planning set up a white-label managed portfolio service for their clients, but as the effects of COVID-19 played out and markets stagnated, they realised they needed a change. Managing Director Chris Reah explains how they found the right solution.

Chris Reah, Francis Clark Financial Planning
clock 08 October 2025 • 5 min read
MPS Watchlist - Issue 4 - Out Now!

MPS Watchlist - Issue 4 - Out Now!

Professional Adviser
clock 07 October 2025 • 1 min read
'It's the details that matter': Why UK smaller companies demand a closer look

'It's the details that matter': Why UK smaller companies demand a closer look

'It is like a finger pointing away to the Moon'

Eustace Santa Barbara
clock 03 October 2025 • 4 min read