Downing Street Says » Financial Services Authority

» Friday, October 17, 2008

Financial Services Authority

Asked if the Prime Minister accepted Lord Turner s criticism that the Financial Services Authority (FSA) had been set up on the cheap, the Prime Minister s Spokesman (PMS) said that the FSA was staffed by professionals and that, if the implicit suggestion in the question was whether or not the regime had been adequate over the last decade, the FSA themselves had accepted that, in relation to Northern Rock, there were lessons to be learnt.

Asked what the case was in relation to other banks, the PMS said that what we were seeing at the moment was a global phenomenon, affecting all banks across the world.

Put that Lord Turner had said that there were systemic problems with the way the FSA had been set up and the way it was funded, the PMS said that current issues in the financial sector were not issues that were affecting only the UK. All financial centres and major economies in the world were affected. If there were any particular managerial resourcing issues in relation to the FSA then the Treasury would look into it in the normal way.

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