Editor's blog: We must act now to avoid past mistakes

Whether this means they are capable of avoiding these pitfalls in the future remains to be seen but at least they are aware of the problems and have engaged with possible solutions. However, two of the worst financial debacles in recent years, namely the collapse of Keydata and the failure of the Arch cru fund range, are yet to provide any real lessons for the future for the new incarnation of the FSA. This is partly because of the lack of any sort of independent review of the regulator’s role in these cases, which caused huge misery for thousands of investors and incalculable damage ...