The Wall Street Journal fires a broadside at ineffective financial regulation in the UK. It’s a MUST READ. Check it out!
via U.K. Struggles in Fight Against Insider Trading – WSJ.com.
The article rightly cites that the UK regular, the Financial Conduct Authority (FCA), has far weaker powers than its US cousin the much feared Securities and Exchange Commission (SEC). The FCA is the renamed Financial Services Authority (FSA). The FSA was caught napping in ahead of the 2008 financial crisis, with ineffective banking regulation. Also the FSA presided over the Equitable Life collapse.
The WSJ article talks about high staff turnover at the FCA. BUT the real problem is surely that that David Cameron’s government has not had the guts to stand up against the financial services sector?
Let me ask an open question:
Do you think that the UK’s Financial Services Authority provides effective control and deterrent over the UK’s financial services sector?