Back in March the FSA published The Turner Review and ‘A regulatory response to the global banking crisis’ (DP09/2).
They arose from a request from the Chancellor of the Exchequer made in October 2008 to review the causes of the then current financial crisis. Both documents, totalling 340+ pages between them, looked at the causes of the crisis, shortcomings in regulation and supervision that contributed to it and aimed to stimulate debate.
The FSA received 81 responses which led to the publication the other day of FS09/3. In general respondents agreed with the analysis and recommendations in the papers but expressed concerns about the need for international consistency to avoid damage to London’s competitiveness and the need for an impact assessment of the whole package of reform.
The FSA tell us that their ‘own thinking has continued to develop’ and some proposals will require ‘a more detailed analysis’. As a result the FSA plans to issue a further discussion paper in October.
If you would like to have summary of FS09/3 then please speak to your normal Complyport contact.