Comments on: New challenge to Osborne’s FSA plans

By: Turner: Osborne’s regulator reshuffle will cause “disruption” | Left Foot Forward

Mon, 23 Nov 2009 17:12:43 +0000

[...] as Left Foot Forward has previously reported, the United States’ Senate are considering moving powers in the opposite direction – [...]

By: Look Left – The Week in Fast Forward | Left Foot Forward

Look Left – The Week in Fast Forward | Left Foot Forward — Fri, 13 Nov 2009 18:02:52 +0000

[...] his approach to inequality, George Osborne’s plans for the Financial Services Authority were challenged, two of his key players contradicted each other and the Tories’ propagandist-in-chief, Speccie [...]

By: Krystian

Krystian — Thu, 12 Nov 2009 00:06:46 +0000

I think the institutional structure for financial regulation in the UK is fine, and the Tory proposals are just an attempt to look like they are doing something on this issue when really they are just fiddling. They are essentially targeting the tripartite arrangement, which is not to blame for the crisis. One of the major problems was that that the focus of supervision was micro-prudential, looking at individual banks, hence insufficient attention was paid to broader system wide risks. Therefore there needs to be a shift too more macro-prudential regulation, but you can do that within the current regulatory framework, no need to waste time and effort fiddling around like the Tories propose. Just reflects the bizarre approach they are taking with regards to independent regulatory agencies across all sectors, they seem to have little idea of what they’re doing.

By: Anon E Mouse

Anon E Mouse — Wed, 11 Nov 2009 22:55:14 +0000

Hi Will,

The problem is the regulations didn’t work and after 12 years of a Labour government it isn’t good enough.

The Labour line of the Tories didn’t support us with blah blah and think how much worse it would be if we’d listened to them is speculative. Their failures are factual – we can see them.

The US is moving Left politically but Europe moves to the Right so don’t expect the same systems to work on both sides of the Atlantic.

The problem I have as a Labour voter is with the government since TB got shafted by them.

There seems to be an inner cabal with Brown and his cronies (I don’t include your old man in this) and for reasons unknown to me no one challenges them.

Labour should have had a leadership election but Brown has no balls. Same with the General Election that wasn’t. This government must think we (the people) are stupid when he said he didn’t hold it because he thought he’d win.

Time is rapidly running out here Will – you’re obviously well connected – can’t you give Charles Clarke a bell and see if he’s up for the job as leader? Or Alun Johnson!

As for the FSA – it’s useless, get rid.

By: willstraw

willstraw — Wed, 11 Nov 2009 17:44:23 +0000

Hi Anon,

I think the point here is that both the US and UK were found wanting in letting housing and credit bubbles build up and not doing enough on banking supervision. But the US is now considering moving to a singular regulator while the Tories are considering breaking up the FSA.

I would have thought that it is more important to get the regulations right than to rearrange deckchairs on the proverbial titanic. Sants may be culpable but he also makes a good point about turf wars, don’t you think?

Will

By: Anon E Mouse

Anon E Mouse — Wed, 11 Nov 2009 13:09:48 +0000

Judging by the utter incompetent fiscal mess this useless government has left us in I’m not taking any lectures from anyone involved in the current (flawed) system.

I don’t care what these people say – the old system is useless and would this be the same Hector Sants who waffled on and on and on at that Treasury Select Committee?

The same Hector Sants who is the CEO at the incompetent FSA?

The same Hector Sants who’s going to lose his job when the Tories get in?

Hardly an impartial view guys…

…if this is the best you progressives have we are DOOMED

By: Left Foot Forward

Left Foot Forward — Wed, 11 Nov 2009 11:43:29 +0000

US considering moving banking reg from the Fed to a new single regulator. Opposite to Osborne's plans http://bit.ly/2OjRsa