The Financial Services Authority - toothless wonder?

When I had the pleasure of being Vince Cables Parliamentary researcher we met frequently with representatives of the FSA.

Vince was the Liberal Democrats DTI (Department of Trade & Industry) spokesman.

We often wondered back then why the FSA existed in the form it did even back then.

Now, in 2009 I wonder the same.

The FSA have bottled it and won't investigate bankers extreme bonus payments, partly because in the early consultation the banks told the FSA they didn't want them to!

Who's in charge of the banks regulatory body? It appears not to be the FSA it appears the banks can just do exactly what they want.

FSA nil - Greedy bankers 1

However, this may just be an own goal.
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