CITY VIEWS: IS THE FSA LIVING UP TO ITS PROMISE TO CLAMP DOWN ON THE CITY?
GARETH LAWSON K&L GATES
“I don’t think the FSA is a very effective regulator. In the past, it has always taken a very light touch, and only recently has it shown any bite. It is now trying to take a harder line, something which is long overdue, but I think it is just trying to become popular with the public and to be seen to be doing something.”
NICK CORBYN M3 PROPERTY
“I think it’s a toothless tiger – and always will be. If you look at how it let Fred Goodwin get away with it, and how it didn’t spot Northern Rock’s mountain of retail debt, it shows that regulation was not being enforced, or that the FSA was not being stringent enough. I don’t think it has the necessary skills.”
NICK YIP RIMES
“The FSA is meant to be regulating the City, so it needs to show that it is doing its job. Somebody needs to show they are in control. I don’t know whether fines are the best way of clamping down however, as some of the big firms can easily afford them. A combination of fines and other sanctions is best.”