Adair Turner

Lord Turner, chairman of the FSA, said it was "vitally important" European financial supervisors did not intervene directly in the running of individual markets.

The FSA has accepted it cannot deliver perfect results for consumers regardless of the level of resources for supervision, chairman Adair Turner said today.

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.

Banks have been carrying out trades which are ‘economically useless', Adair Turner says.

Lord Turner will tell Parliament today regulators such as the FSA should force new, higher, capital and liquidity ratios on the world's largest banks.

The free market consensus of the last two decades, which promoted unlimited liberalisation of financial services, should be questioned following the economic crisis, the chairman of the FSA says.

George Soros has called for a radical break-up of banks which are "too big to fail".

Light-touch regulation and a belief in the fundamental rationality of the market will be replaced by a "bias towards conservatism", says Lord Turner, chairman of the FSA.

The FSA says it may consider intervening on product pricing as part of its drive to ensure fairer outcomes for consumers.

The state pension age should be raised to 70, the author of an influential report into the future of pensions suggested yesterday, according to The Telegraph.