https://powerbase.info/index.php?title=Financial_Services_Authority&feed=atom&action=historyFinancial Services Authority - Revision history2024-03-28T18:51:14ZRevision history for this page on the wikiMediaWiki 1.31.5https://powerbase.info/index.php?title=Financial_Services_Authority&diff=222913&oldid=prevMelissa Jones: /* Northern Rock */2015-08-25T01:14:44Z<p><span dir="auto"><span class="autocomment">Northern Rock</span></span></p>
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<tr><td class='diff-marker'> </td><td style="background-color: #f8f9fa; color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>The FSA was widely seen as the regulatory authority that was most to blame for allowing Northern Rock to fail. It was accused by the British MP [[John McFall]], head of the influential [[Treasury Select Committee]], of “not just sleeping, you were comatose'” over Northern Rock.<ref>Northedge, Richard, "The rise of McFall – Profile, John McFall MP runs the Treasury Select Committee and will this week grill Mervyn King, making him a key figure in how this year's financial crisis will unfold," ''The Sunday Telegraph'', 16 December 2008, p6.</ref><ref>Fleming, Sam, "Treasury man who tramples on toes; the crunch interview," ''Daily Mail'', 07 August 2008, p74.</ref> The Treasury Committee's report on the scandal determined that the FSA had “systematically failed in its duty.” “The failure of Northern Rock, while a failure of its own board, was also a failure of its regulator,” it said.<ref>Seib, Christine, "MPs demand new regulator as FSA stands condemned," ''The Times'', 26 January 2008, p52.</ref>  </div></td><td class='diff-marker'> </td><td style="background-color: #f8f9fa; color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>The FSA was widely seen as the regulatory authority that was most to blame for allowing Northern Rock to fail. It was accused by the British MP [[John McFall]], head of the influential [[Treasury Select Committee]], of “not just sleeping, you were comatose'” over Northern Rock.<ref>Northedge, Richard, "The rise of McFall – Profile, John McFall MP runs the Treasury Select Committee and will this week grill Mervyn King, making him a key figure in how this year's financial crisis will unfold," ''The Sunday Telegraph'', 16 December 2008, p6.</ref><ref>Fleming, Sam, "Treasury man who tramples on toes; the crunch interview," ''Daily Mail'', 07 August 2008, p74.</ref> The Treasury Committee's report on the scandal determined that the FSA had “systematically failed in its duty.” “The failure of Northern Rock, while a failure of its own board, was also a failure of its regulator,” it said.<ref>Seib, Christine, "MPs demand new regulator as FSA stands condemned," ''The Times'', 26 January 2008, p52.</ref>  </div></td></tr>
<tr><td class='diff-marker'> </td><td style="background-color: #f8f9fa; color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"></td><td class='diff-marker'> </td><td style="background-color: #f8f9fa; color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"></td></tr>
<tr><td class='diff-marker'>−</td><td style="color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #ffe49c; vertical-align: top; white-space: pre-wrap;"><div>McCarthy’s refusal to accept responsibility for the FSA’s role in Northern Rock’s downfall angered parliamentarians. One MP on the Committee, Sion Simon, told McCarthy: “You are the Sugar Ray Leonard of the financial services sector; a world-class ducker and diver, bobber and weaver ...”<ref>UK Parliament, [http://www.publications.parliament.uk/pa/cm200708/cmselect/cmtreasy/56/7100912.htm Examination of Witnesses (Questions 340 - 359)], 09 October 2007, accessed 21 March 2010.</ref></div></td><td class='diff-marker'>+</td><td style="color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #a3d3ff; vertical-align: top; white-space: pre-wrap;"><div>McCarthy’s refusal to accept responsibility for the FSA’s role in Northern Rock’s downfall angered parliamentarians. One MP on the Committee, <ins class="diffchange diffchange-inline">[[</ins>Sion Simon<ins class="diffchange diffchange-inline">]]</ins>, told McCarthy: “You are the Sugar Ray Leonard of the financial services sector; a world-class ducker and diver, bobber and weaver ...”<ref>UK Parliament, [http://www.publications.parliament.uk/pa/cm200708/cmselect/cmtreasy/56/7100912.htm Examination of Witnesses (Questions 340 - 359)], 09 October 2007, accessed 21 March 2010.</ref></div></td></tr>
<tr><td class='diff-marker'> </td><td style="background-color: #f8f9fa; color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"></td><td class='diff-marker'> </td><td style="background-color: #f8f9fa; color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"></td></tr>
<tr><td class='diff-marker'> </td><td style="background-color: #f8f9fa; color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>When a senior UK politician, Liberal Democrat Treasury spokesperson [[Vince Cable]], raised concerns about Northern Rock, it was reported that McCarthy had tried to “gag” him. Cable said: “Sir Callum said I was scaremongering, that there was no problem with the bank and that it had a good loan book, and any problems were due to international markets beyond its control.”<ref>''Mail on Sunday'', "Watchdog boss 'tried to gag MP' over Rock crisis alert," 24 February 2008, Section FB, p02.</ref>  </div></td><td class='diff-marker'> </td><td style="background-color: #f8f9fa; color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>When a senior UK politician, Liberal Democrat Treasury spokesperson [[Vince Cable]], raised concerns about Northern Rock, it was reported that McCarthy had tried to “gag” him. Cable said: “Sir Callum said I was scaremongering, that there was no problem with the bank and that it had a good loan book, and any problems were due to international markets beyond its control.”<ref>''Mail on Sunday'', "Watchdog boss 'tried to gag MP' over Rock crisis alert," 24 February 2008, Section FB, p02.</ref>  </div></td></tr>
<tr><td class='diff-marker'> </td><td style="background-color: #f8f9fa; color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"></td><td class='diff-marker'> </td><td style="background-color: #f8f9fa; color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"></td></tr>
<tr><td class='diff-marker'> </td><td style="background-color: #f8f9fa; color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>In fact, the FSA failed to examine the risky nature of the whole banking sector. McCarthy’s replacement at the FSA, Lord [[Adair Turner]], has now admitted that the FSA and other regulators had failed to see that by 2004 the banking system was moving in a direction that created a “large systemic risk”. “With hindsight” said Turner “the FSA was focused too much on individual institutions .... and not adequately focused on the totality of the systemic risks across the whole system, and whether there were entire business models, entire ways of operating, that were risky.”<ref>Macalister, Terry, "City watchdog chief admits regulators failed to spot looming financial disaster," ''The Guardian'', 16 February 2009.</ref></div></td><td class='diff-marker'> </td><td style="background-color: #f8f9fa; color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>In fact, the FSA failed to examine the risky nature of the whole banking sector. McCarthy’s replacement at the FSA, Lord [[Adair Turner]], has now admitted that the FSA and other regulators had failed to see that by 2004 the banking system was moving in a direction that created a “large systemic risk”. “With hindsight” said Turner “the FSA was focused too much on individual institutions .... and not adequately focused on the totality of the systemic risks across the whole system, and whether there were entire business models, entire ways of operating, that were risky.”<ref>Macalister, Terry, "City watchdog chief admits regulators failed to spot looming financial disaster," ''The Guardian'', 16 February 2009.</ref></div></td></tr>
<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #a3d3ff; vertical-align: top; white-space: pre-wrap;"><div><ins style="font-weight: bold; text-decoration: none;"></ins></div></td></tr>
<tr><td class='diff-marker'> </td><td style="background-color: #f8f9fa; color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>===RBS===</div></td><td class='diff-marker'> </td><td style="background-color: #f8f9fa; color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>===RBS===</div></td></tr>
<tr><td class='diff-marker'> </td><td style="background-color: #f8f9fa; color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>In October 2012, MPs from the UK [[House of Commons Treasury Select Committee|Treasury Select Committee]] published another damning report on the FSA's failure to act, this time over the British bank [[RBS]]'s acquisition of Dutch bank [[ABN Amro]] in 2007. The £49 billion takeover, which helped push RBS to the brink of collapse, was a 'serious indictment' of the Financial Services Authority said MPs. ''The Guardian'' reported the committee's findings:</div></td><td class='diff-marker'> </td><td style="background-color: #f8f9fa; color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>In October 2012, MPs from the UK [[House of Commons Treasury Select Committee|Treasury Select Committee]] published another damning report on the FSA's failure to act, this time over the British bank [[RBS]]'s acquisition of Dutch bank [[ABN Amro]] in 2007. The £49 billion takeover, which helped push RBS to the brink of collapse, was a 'serious indictment' of the Financial Services Authority said MPs. ''The Guardian'' reported the committee's findings:</div></td></tr>
</table>Melissa Joneshttps://powerbase.info/index.php?title=Financial_Services_Authority&diff=222912&oldid=prevMelissa Jones: /* Failure to regulate */2015-08-25T01:13:56Z<p><span dir="auto"><span class="autocomment">Failure to regulate</span></span></p>
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<tr><td class='diff-marker'> </td><td style="background-color: #f8f9fa; color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>In early 2007 as the financial crisis began to intensify, the FSA, under [[Callum McCarthy]], was still arguing for “light touch” regulation for hedge funds, seen as a key driver of financial instability.<ref>Wold, Melanie, "Letting hedge funds be hedge funds: FSA tries to show rest of Europe that a light touch is enough," ''Securities Industry News'', 12 February 2007.</ref> In autumn 2007, McCarthy said the growing calls for increased regulation of the financial services industry were a “mad dog” reaction.<ref>O'Grady, Sean, "FSA chief warns clamour for regulation is 'mad dog' reaction," ''The Independent'', 22 October 2007, p40.</ref> By then the European Central Bank had already pumped €95 billion into the market to improve liquidity and the UK had experienced a run on a bank, Northern Rock.</div></td><td class='diff-marker'> </td><td style="background-color: #f8f9fa; color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>In early 2007 as the financial crisis began to intensify, the FSA, under [[Callum McCarthy]], was still arguing for “light touch” regulation for hedge funds, seen as a key driver of financial instability.<ref>Wold, Melanie, "Letting hedge funds be hedge funds: FSA tries to show rest of Europe that a light touch is enough," ''Securities Industry News'', 12 February 2007.</ref> In autumn 2007, McCarthy said the growing calls for increased regulation of the financial services industry were a “mad dog” reaction.<ref>O'Grady, Sean, "FSA chief warns clamour for regulation is 'mad dog' reaction," ''The Independent'', 22 October 2007, p40.</ref> By then the European Central Bank had already pumped €95 billion into the market to improve liquidity and the UK had experienced a run on a bank, Northern Rock.</div></td></tr>
<tr><td class='diff-marker'> </td><td style="background-color: #f8f9fa; color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>===Northern Rock===</div></td><td class='diff-marker'> </td><td style="background-color: #f8f9fa; color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>===Northern Rock===</div></td></tr>
<tr><td class='diff-marker'>−</td><td style="color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #ffe49c; vertical-align: top; white-space: pre-wrap;"><div>Early in the crisis the FSA reassured people that Northern Rock was “solvent.”<ref>Brummer, Alex, "Watchdog that failed to bark," ''Daily Mail'', 21 November 2007, p75.</ref> Economics journalist Alex Brummer, author of The Crunch, noted that the FSA’s “actions suggested it hadn't a clue about the weakness of the Rock's securitization model.”<ref>Brummer, Alex, "Watchdog that failed to bark," ''Daily Mail'', 21 November 2007, p75.</ref>   </div></td><td class='diff-marker'>+</td><td style="color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #a3d3ff; vertical-align: top; white-space: pre-wrap;"><div>Early in the crisis the FSA reassured people that <ins class="diffchange diffchange-inline">[[</ins>Northern Rock<ins class="diffchange diffchange-inline">]] </ins>was “solvent.”<ref>Brummer, Alex, "Watchdog that failed to bark," ''Daily Mail'', 21 November 2007, p75.</ref> Economics journalist <ins class="diffchange diffchange-inline">[[</ins>Alex Brummer<ins class="diffchange diffchange-inline">]]</ins>, author of <ins class="diffchange diffchange-inline">''</ins>The Crunch<ins class="diffchange diffchange-inline">''</ins>, noted that the FSA’s “actions suggested it hadn't a clue about the weakness of the Rock's securitization model.”<ref>Brummer, Alex, "Watchdog that failed to bark," ''Daily Mail'', 21 November 2007, p75.</ref>   </div></td></tr>
<tr><td class='diff-marker'> </td><td style="background-color: #f8f9fa; color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"></td><td class='diff-marker'> </td><td style="background-color: #f8f9fa; color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"></td></tr>
<tr><td class='diff-marker'>−</td><td style="color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #ffe49c; vertical-align: top; white-space: pre-wrap;"><div>The FSA was widely seen as the regulatory authority that was most to blame for allowing <del class="diffchange diffchange-inline">[[</del>Northern Rock<del class="diffchange diffchange-inline">]] </del>to fail. It was accused by the British MP [[John McFall]], head of the influential [[Treasury Select Committee]], of “not just sleeping, you were comatose'” over Northern Rock.<ref>Northedge, Richard, "The rise of McFall – Profile, John McFall MP runs the Treasury Select Committee and will this week grill Mervyn King, making him a key figure in how this year's financial crisis will unfold," ''The Sunday Telegraph'', 16 December 2008, p6.</ref><ref>Fleming, Sam, "Treasury man who tramples on toes; the crunch interview," ''Daily Mail'', 07 August 2008, p74.</ref> The Treasury Committee's report on the scandal determined that the FSA had “systematically failed in its duty.” “The failure of Northern Rock, while a failure of its own board, was also a failure of its regulator,” it said.<ref>Seib, Christine, "MPs demand new regulator as FSA stands condemned," ''The Times'', 26 January 2008, p52.</ref>  </div></td><td class='diff-marker'>+</td><td style="color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #a3d3ff; vertical-align: top; white-space: pre-wrap;"><div>The FSA was widely seen as the regulatory authority that was most to blame for allowing Northern Rock to fail. It was accused by the British MP [[John McFall]], head of the influential [[Treasury Select Committee]], of “not just sleeping, you were comatose'” over Northern Rock.<ref>Northedge, Richard, "The rise of McFall – Profile, John McFall MP runs the Treasury Select Committee and will this week grill Mervyn King, making him a key figure in how this year's financial crisis will unfold," ''The Sunday Telegraph'', 16 December 2008, p6.</ref><ref>Fleming, Sam, "Treasury man who tramples on toes; the crunch interview," ''Daily Mail'', 07 August 2008, p74.</ref> The Treasury Committee's report on the scandal determined that the FSA had “systematically failed in its duty.” “The failure of Northern Rock, while a failure of its own board, was also a failure of its regulator,” it said.<ref>Seib, Christine, "MPs demand new regulator as FSA stands condemned," ''The Times'', 26 January 2008, p52.</ref>  </div></td></tr>
<tr><td class='diff-marker'> </td><td style="background-color: #f8f9fa; color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"></td><td class='diff-marker'> </td><td style="background-color: #f8f9fa; color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"></td></tr>
<tr><td class='diff-marker'> </td><td style="background-color: #f8f9fa; color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>McCarthy’s refusal to accept responsibility for the FSA’s role in Northern Rock’s downfall angered parliamentarians. One MP on the Committee, Sion Simon, told McCarthy: “You are the Sugar Ray Leonard of the financial services sector; a world-class ducker and diver, bobber and weaver ...”<ref>UK Parliament, [http://www.publications.parliament.uk/pa/cm200708/cmselect/cmtreasy/56/7100912.htm Examination of Witnesses (Questions 340 - 359)], 09 October 2007, accessed 21 March 2010.</ref></div></td><td class='diff-marker'> </td><td style="background-color: #f8f9fa; color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>McCarthy’s refusal to accept responsibility for the FSA’s role in Northern Rock’s downfall angered parliamentarians. One MP on the Committee, Sion Simon, told McCarthy: “You are the Sugar Ray Leonard of the financial services sector; a world-class ducker and diver, bobber and weaver ...”<ref>UK Parliament, [http://www.publications.parliament.uk/pa/cm200708/cmselect/cmtreasy/56/7100912.htm Examination of Witnesses (Questions 340 - 359)], 09 October 2007, accessed 21 March 2010.</ref></div></td></tr>
</table>Melissa Joneshttps://powerbase.info/index.php?title=Financial_Services_Authority&diff=222911&oldid=prevMelissa Jones at 01:12, 25 August 20152015-08-25T01:12:22Z<p></p>
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<tr><td class='diff-marker'>−</td><td style="color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #ffe49c; vertical-align: top; white-space: pre-wrap;"><div>{{Template: Revolving Door badge}} The [[Financial Services Authority]] (FSA) was an independent non-governmental body, given statutory powers by the Financial Services and Markets Act 2000. It was financed by the financial services industry.<ref>FSA, [http://www.fsa.gov.uk/Pages/About/Who/index.shtml Who are we], accessed 22 March 2010.</ref></div></td><td class='diff-marker'>+</td><td style="color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #a3d3ff; vertical-align: top; white-space: pre-wrap;"><div>{{Template: Revolving Door badge}}  </div></td></tr>
<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #a3d3ff; vertical-align: top; white-space: pre-wrap;"><div>The [[Financial Services Authority]] (FSA) was an independent non-governmental body, given statutory powers by the Financial Services and Markets Act 2000. It was financed by the financial services industry.<ref>FSA, [http://www.fsa.gov.uk/Pages/About/Who/index.shtml Who are we], accessed 22 March 2010.</ref></div></td></tr>
<tr><td class='diff-marker'> </td><td style="background-color: #f8f9fa; color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"></td><td class='diff-marker'> </td><td style="background-color: #f8f9fa; color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"></td></tr>
<tr><td class='diff-marker'> </td><td style="background-color: #f8f9fa; color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>The Treasury appointed the FSA Board, which consists of a Chairman, a Chief Executive Officer, three Managing Directors, and nine non-executive directors (including a lead non-executive member, the Deputy Chairman). The Board set overall policy, but day-to-day decisions and management of the staff are the responsibility of the Executive.<ref>FSA, [http://www.fsa.gov.uk/Pages/About/Who/index.shtml Who are we], accessed 22 March 2010.</ref> The Chairman was formally appointed to the FSA board for five years and other members for three years.</div></td><td class='diff-marker'> </td><td style="background-color: #f8f9fa; color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>The Treasury appointed the FSA Board, which consists of a Chairman, a Chief Executive Officer, three Managing Directors, and nine non-executive directors (including a lead non-executive member, the Deputy Chairman). The Board set overall policy, but day-to-day decisions and management of the staff are the responsibility of the Executive.<ref>FSA, [http://www.fsa.gov.uk/Pages/About/Who/index.shtml Who are we], accessed 22 March 2010.</ref> The Chairman was formally appointed to the FSA board for five years and other members for three years.</div></td></tr>
</table>Melissa Joneshttps://powerbase.info/index.php?title=Financial_Services_Authority&diff=222910&oldid=prevMelissa Jones: typos2015-08-25T01:10:40Z<p>typos</p>
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<td colspan="2" style="background-color: #fff; color: #222; text-align: center;">Revision as of 01:10, 25 August 2015</td>
</tr><tr><td colspan="2" class="diff-lineno" id="mw-diff-left-l1" >Line 1:</td>
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<tr><td class='diff-marker'>−</td><td style="color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #ffe49c; vertical-align: top; white-space: pre-wrap;"><div>{{Template: Revolving Door badge}}  </div></td><td class='diff-marker'>+</td><td style="color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #a3d3ff; vertical-align: top; white-space: pre-wrap;"><div>{{Template: Revolving Door badge}} The [[Financial Services Authority]] (FSA) was an independent non-governmental body, given statutory powers by the Financial Services and Markets Act 2000. It was financed by the financial services industry.<ref>FSA, [http://www.fsa.gov.uk/Pages/About/Who/index.shtml Who are we], accessed 22 March 2010.</ref></div></td></tr>
<tr><td class='diff-marker'>−</td><td style="color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #ffe49c; vertical-align: top; white-space: pre-wrap;"><div>The [[Financial Services Authority]] (FSA) was an independent non-governmental body, given statutory powers by the Financial Services and Markets Act 2000. It was financed by the financial services industry.<ref>FSA, [http://www.fsa.gov.uk/Pages/About/Who/index.shtml Who are we], accessed 22 March 2010.</ref></div></td><td colspan="2"> </td></tr>
<tr><td class='diff-marker'> </td><td style="background-color: #f8f9fa; color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"></td><td class='diff-marker'> </td><td style="background-color: #f8f9fa; color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"></td></tr>
<tr><td class='diff-marker'> </td><td style="background-color: #f8f9fa; color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>The Treasury appointed the FSA Board, which consists of a Chairman, a Chief Executive Officer, three Managing Directors, and nine non-executive directors (including a lead non-executive member, the Deputy Chairman). The Board set overall policy, but day-to-day decisions and management of the staff are the responsibility of the Executive.<ref>FSA, [http://www.fsa.gov.uk/Pages/About/Who/index.shtml Who are we], accessed 22 March 2010.</ref> The Chairman was formally appointed to the FSA board for five years and other members for three years.</div></td><td class='diff-marker'> </td><td style="background-color: #f8f9fa; color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>The Treasury appointed the FSA Board, which consists of a Chairman, a Chief Executive Officer, three Managing Directors, and nine non-executive directors (including a lead non-executive member, the Deputy Chairman). The Board set overall policy, but day-to-day decisions and management of the staff are the responsibility of the Executive.<ref>FSA, [http://www.fsa.gov.uk/Pages/About/Who/index.shtml Who are we], accessed 22 March 2010.</ref> The Chairman was formally appointed to the FSA board for five years and other members for three years.</div></td></tr>
<tr><td class='diff-marker'> </td><td style="background-color: #f8f9fa; color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"></td><td class='diff-marker'> </td><td style="background-color: #f8f9fa; color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"></td></tr>
<tr><td class='diff-marker'>−</td><td style="color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #ffe49c; vertical-align: top; white-space: pre-wrap;"><div>After the financial crash in 2012 and the Financial Services Act 2012 the FSA was abolished <del class="diffchange diffchange-inline">and it's </del>responsibilities were split between two new agencies, the [[Prudential Regulation Authority]] and the [[Financial Conduct Authority]] and the [[Bank of England]].<ref> Financial Conduct Authority [https://www.fca.org.uk/about/history History], accessed 30 April 2015.</ref></div></td><td class='diff-marker'>+</td><td style="color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #a3d3ff; vertical-align: top; white-space: pre-wrap;"><div>After the financial crash in 2012 and the Financial Services Act 2012 the FSA was abolished<ins class="diffchange diffchange-inline">. Its </ins>responsibilities were split between two new agencies, the [[Prudential Regulation Authority]] and the [[Financial Conduct Authority]] and the [[Bank of England]].<ref> Financial Conduct Authority [https://www.fca.org.uk/about/history History], accessed 30 April 2015.</ref></div></td></tr>
<tr><td class='diff-marker'> </td><td style="background-color: #f8f9fa; color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"></td><td class='diff-marker'> </td><td style="background-color: #f8f9fa; color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"></td></tr>
<tr><td class='diff-marker'> </td><td style="background-color: #f8f9fa; color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>==Structure==</div></td><td class='diff-marker'> </td><td style="background-color: #f8f9fa; color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>==Structure==</div></td></tr>
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<tr><td class='diff-marker'> </td><td style="background-color: #f8f9fa; color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"></td><td class='diff-marker'> </td><td style="background-color: #f8f9fa; color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"></td></tr>
<tr><td class='diff-marker'> </td><td style="background-color: #f8f9fa; color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>==Role==</div></td><td class='diff-marker'> </td><td style="background-color: #f8f9fa; color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>==Role==</div></td></tr>
<tr><td class='diff-marker'>−</td><td style="color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #ffe49c; vertical-align: top; white-space: pre-wrap;"><div>The FSA <del class="diffchange diffchange-inline">describes </del>its role as <del class="diffchange diffchange-inline">"</del>promoting efficient, orderly and fair markets<del class="diffchange diffchange-inline">" </del>and <del class="diffchange diffchange-inline">"</del>helping retail consumers achieve a fair deal<del class="diffchange diffchange-inline">"</del>.<ref>FSA, [http://www.fsa.gov.uk/Pages/About/What/index.shtml What we do], accessed 22 March 2010.</ref> It is given a range of rule-making, investigatory and enforcement powers in order to meet four statutory objectives:</div></td><td class='diff-marker'>+</td><td style="color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #a3d3ff; vertical-align: top; white-space: pre-wrap;"><div>The FSA <ins class="diffchange diffchange-inline">described </ins>its role as <ins class="diffchange diffchange-inline">'</ins>promoting efficient, orderly and fair markets<ins class="diffchange diffchange-inline">' </ins>and <ins class="diffchange diffchange-inline">'</ins>helping retail consumers achieve a fair deal<ins class="diffchange diffchange-inline">'</ins>.<ref>FSA, [http://www.fsa.gov.uk/Pages/About/What/index.shtml What we do], accessed 22 March 2010.</ref> It is given a range of rule-making, investigatory and enforcement powers in order to meet four statutory objectives:</div></td></tr>
<tr><td class='diff-marker'> </td><td style="background-color: #f8f9fa; color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"></td><td class='diff-marker'> </td><td style="background-color: #f8f9fa; color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"></td></tr>
<tr><td class='diff-marker'> </td><td style="background-color: #f8f9fa; color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>1. market confidence: maintaining confidence in the financial system;</div></td><td class='diff-marker'> </td><td style="background-color: #f8f9fa; color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>1. market confidence: maintaining confidence in the financial system;</div></td></tr>
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<tr><td class='diff-marker'> </td><td style="background-color: #f8f9fa; color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>Early in the crisis the FSA reassured people that Northern Rock was “solvent.”<ref>Brummer, Alex, "Watchdog that failed to bark," ''Daily Mail'', 21 November 2007, p75.</ref> Economics journalist Alex Brummer, author of The Crunch, noted that the FSA’s “actions suggested it hadn't a clue about the weakness of the Rock's securitization model.”<ref>Brummer, Alex, "Watchdog that failed to bark," ''Daily Mail'', 21 November 2007, p75.</ref>   </div></td><td class='diff-marker'> </td><td style="background-color: #f8f9fa; color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>Early in the crisis the FSA reassured people that Northern Rock was “solvent.”<ref>Brummer, Alex, "Watchdog that failed to bark," ''Daily Mail'', 21 November 2007, p75.</ref> Economics journalist Alex Brummer, author of The Crunch, noted that the FSA’s “actions suggested it hadn't a clue about the weakness of the Rock's securitization model.”<ref>Brummer, Alex, "Watchdog that failed to bark," ''Daily Mail'', 21 November 2007, p75.</ref>   </div></td></tr>
<tr><td class='diff-marker'> </td><td style="background-color: #f8f9fa; color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"></td><td class='diff-marker'> </td><td style="background-color: #f8f9fa; color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"></td></tr>
<tr><td class='diff-marker'>−</td><td style="color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #ffe49c; vertical-align: top; white-space: pre-wrap;"><div>The FSA was widely seen as the regulatory authority that was most to blame for allowing Northern Rock to fail. It was accused by the British MP [[John McFall]], head of the influential Treasury Select Committee, of “not just sleeping, you were comatose'” over Northern Rock.<ref>Northedge, Richard, "The rise of McFall – Profile, John McFall MP runs the Treasury Select Committee and will this week grill Mervyn King, making him a key figure in how this year's financial crisis will unfold," ''The Sunday Telegraph'', 16 December 2008, p6.</ref><ref>Fleming, Sam, "Treasury man who tramples on toes; the crunch interview," ''Daily Mail'', 07 August 2008, p74.</ref> The Treasury Committee's report on the scandal determined that the FSA had “systematically failed in its duty.” “The failure of Northern Rock, while a failure of its own board, was also a failure of its regulator,” it said.<ref>Seib, Christine, "MPs demand new regulator as FSA stands condemned," ''The Times'', 26 January 2008, p52.</ref>  </div></td><td class='diff-marker'>+</td><td style="color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #a3d3ff; vertical-align: top; white-space: pre-wrap;"><div>The FSA was widely seen as the regulatory authority that was most to blame for allowing <ins class="diffchange diffchange-inline">[[</ins>Northern Rock<ins class="diffchange diffchange-inline">]] </ins>to fail. It was accused by the British MP [[John McFall]], head of the influential <ins class="diffchange diffchange-inline">[[</ins>Treasury Select Committee<ins class="diffchange diffchange-inline">]]</ins>, of “not just sleeping, you were comatose'” over Northern Rock.<ref>Northedge, Richard, "The rise of McFall – Profile, John McFall MP runs the Treasury Select Committee and will this week grill Mervyn King, making him a key figure in how this year's financial crisis will unfold," ''The Sunday Telegraph'', 16 December 2008, p6.</ref><ref>Fleming, Sam, "Treasury man who tramples on toes; the crunch interview," ''Daily Mail'', 07 August 2008, p74.</ref> The Treasury Committee's report on the scandal determined that the FSA had “systematically failed in its duty.” “The failure of Northern Rock, while a failure of its own board, was also a failure of its regulator,” it said.<ref>Seib, Christine, "MPs demand new regulator as FSA stands condemned," ''The Times'', 26 January 2008, p52.</ref>  </div></td></tr>
<tr><td class='diff-marker'> </td><td style="background-color: #f8f9fa; color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"></td><td class='diff-marker'> </td><td style="background-color: #f8f9fa; color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"></td></tr>
<tr><td class='diff-marker'> </td><td style="background-color: #f8f9fa; color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>McCarthy’s refusal to accept responsibility for the FSA’s role in Northern Rock’s downfall angered parliamentarians. One MP on the Committee, Sion Simon, told McCarthy: “You are the Sugar Ray Leonard of the financial services sector; a world-class ducker and diver, bobber and weaver ...”<ref>UK Parliament, [http://www.publications.parliament.uk/pa/cm200708/cmselect/cmtreasy/56/7100912.htm Examination of Witnesses (Questions 340 - 359)], 09 October 2007, accessed 21 March 2010.</ref></div></td><td class='diff-marker'> </td><td style="background-color: #f8f9fa; color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>McCarthy’s refusal to accept responsibility for the FSA’s role in Northern Rock’s downfall angered parliamentarians. One MP on the Committee, Sion Simon, told McCarthy: “You are the Sugar Ray Leonard of the financial services sector; a world-class ducker and diver, bobber and weaver ...”<ref>UK Parliament, [http://www.publications.parliament.uk/pa/cm200708/cmselect/cmtreasy/56/7100912.htm Examination of Witnesses (Questions 340 - 359)], 09 October 2007, accessed 21 March 2010.</ref></div></td></tr>
</table>Melissa Joneshttps://powerbase.info/index.php?title=Financial_Services_Authority&diff=222872&oldid=prevHilary Aked: /* Members */2015-08-24T16:33:51Z<p><span dir="auto"><span class="autocomment">Members</span></span></p>
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<td colspan="2" style="background-color: #fff; color: #222; text-align: center;">Revision as of 16:33, 24 August 2015</td>
</tr><tr><td colspan="2" class="diff-lineno" id="mw-diff-left-l121" >Line 121:</td>
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<tr><td class='diff-marker'> </td><td style="background-color: #f8f9fa; color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>:[[Carolyn Fairbairn]] (December 2007 – Present<ref>March 2010.</ref>): Fairbairn is the Director of Group Development and Strategy at [[ITV plc]]. Prior to joining ITV, Carolyn was a senior figure at the [[BBC]] for eight years, where she was a member of the Executive Board. She has also worked as a consultant at [[McKinsey]] and the [[Downing Street Policy Unit]].<ref>"Fairbairn, Carolyn Julie," Who's Who 2009, A & C Black, 2008; online edition, Oxford University Press, "[http://www.ukwhoswho.com/view/article/oupww/whoswho/U15370 Fairbairn, Carolyn Julie]," December 2008, accessed 27 March 2009.</ref></div></td><td class='diff-marker'> </td><td style="background-color: #f8f9fa; color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>:[[Carolyn Fairbairn]] (December 2007 – Present<ref>March 2010.</ref>): Fairbairn is the Director of Group Development and Strategy at [[ITV plc]]. Prior to joining ITV, Carolyn was a senior figure at the [[BBC]] for eight years, where she was a member of the Executive Board. She has also worked as a consultant at [[McKinsey]] and the [[Downing Street Policy Unit]].<ref>"Fairbairn, Carolyn Julie," Who's Who 2009, A & C Black, 2008; online edition, Oxford University Press, "[http://www.ukwhoswho.com/view/article/oupww/whoswho/U15370 Fairbairn, Carolyn Julie]," December 2008, accessed 27 March 2009.</ref></div></td></tr>
<tr><td class='diff-marker'> </td><td style="background-color: #f8f9fa; color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"></td><td class='diff-marker'> </td><td style="background-color: #f8f9fa; color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"></td></tr>
<tr><td class='diff-marker'>−</td><td style="color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #ffe49c; vertical-align: top; white-space: pre-wrap;"><div>:[[Peter Fisher (Financial Services Authority)]] (January 2007 – Present<ref>March 2010.</ref>): Fisher is currently a Managing Director of the U.S. investment management firm [[BlackRock Inc.]], where he is a Co-Head of Fixed Income Portfolio Management Group, and a member of Executive Committee. Previously he served as Under Secretary for Domestic Finance, [[U.S. Department of the Treasury]] and as Executive Vice President of the [[Federal Reserve Bank of New York]].<ref>FSA, [http://www.fsa.gov.uk/pages/about/who/board/fisher.shtml Peter Fisher], accessed 27 March 2010.</ref></div></td><td class='diff-marker'>+</td><td style="color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #a3d3ff; vertical-align: top; white-space: pre-wrap;"><div>:[[Peter Fisher (Financial Services Authority)<ins class="diffchange diffchange-inline">|Peter Fisher</ins>]] (January 2007 – Present<ref>March 2010.</ref>): Fisher is currently a Managing Director of the U.S. investment management firm [[BlackRock Inc.]], where he is a Co-Head of Fixed Income Portfolio Management Group, and a member of Executive Committee. Previously he served as Under Secretary for Domestic Finance, [[U.S. Department of the Treasury]] and as Executive Vice President of the [[Federal Reserve Bank of New York]].<ref>FSA, [http://www.fsa.gov.uk/pages/about/who/board/fisher.shtml Peter Fisher], accessed 27 March 2010.</ref></div></td></tr>
<tr><td class='diff-marker'> </td><td style="background-color: #f8f9fa; color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"></td><td class='diff-marker'> </td><td style="background-color: #f8f9fa; color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"></td></tr>
<tr><td class='diff-marker'> </td><td style="background-color: #f8f9fa; color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>:[[Brian Flanagan]] (January 2007 – Present<ref>March 2010.</ref>): Flanagan is a non-executive director of [[Wm Morrison Supermarkets plc]] and advisor to [[Jet Environmental Ltd]]. He was formerly a Vice President of [[Mars Inc]].<ref>FSA, [http://www.fsa.gov.uk/pages/about/who/board/flanagan.shtml Brian Flanagan], accessed 27 March 2010.</ref></div></td><td class='diff-marker'> </td><td style="background-color: #f8f9fa; color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>:[[Brian Flanagan]] (January 2007 – Present<ref>March 2010.</ref>): Flanagan is a non-executive director of [[Wm Morrison Supermarkets plc]] and advisor to [[Jet Environmental Ltd]]. He was formerly a Vice President of [[Mars Inc]].<ref>FSA, [http://www.fsa.gov.uk/pages/about/who/board/flanagan.shtml Brian Flanagan], accessed 27 March 2010.</ref></div></td></tr>
</table>Hilary Akedhttps://powerbase.info/index.php?title=Financial_Services_Authority&diff=222871&oldid=prevHilary Aked at 16:33, 24 August 20152015-08-24T16:33:07Z<p></p>
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<tr><td class='diff-marker'> </td><td style="background-color: #f8f9fa; color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>*[[Clive Briault]], Managing Director</div></td><td class='diff-marker'> </td><td style="background-color: #f8f9fa; color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>*[[Clive Briault]], Managing Director</div></td></tr>
<tr><td class='diff-marker'> </td><td style="background-color: #f8f9fa; color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>*Sir [[James Crosby]], Non-executive Board Member</div></td><td class='diff-marker'> </td><td style="background-color: #f8f9fa; color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>*Sir [[James Crosby]], Non-executive Board Member</div></td></tr>
<tr><td class='diff-marker'>−</td><td style="color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #ffe49c; vertical-align: top; white-space: pre-wrap;"><div>*[[Peter Fisher (Financial Services Authority)]],  Non-executive Board Member</div></td><td class='diff-marker'>+</td><td style="color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #a3d3ff; vertical-align: top; white-space: pre-wrap;"><div>*[[Peter Fisher (Financial Services Authority)<ins class="diffchange diffchange-inline">|Peter Fisher</ins>]],  Non-executive Board Member</div></td></tr>
<tr><td class='diff-marker'> </td><td style="background-color: #f8f9fa; color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>*[[Brian Flanagan]], Non-executive Board Member</div></td><td class='diff-marker'> </td><td style="background-color: #f8f9fa; color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>*[[Brian Flanagan]], Non-executive Board Member</div></td></tr>
<tr><td class='diff-marker'> </td><td style="background-color: #f8f9fa; color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>*[[Karin Forseke]], Non-executive Board Member</div></td><td class='diff-marker'> </td><td style="background-color: #f8f9fa; color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>*[[Karin Forseke]], Non-executive Board Member</div></td></tr>
</table>Hilary Akedhttps://powerbase.info/index.php?title=Financial_Services_Authority&diff=222860&oldid=prevHilary Aked at 12:31, 24 August 20152015-08-24T12:31:42Z<p></p>
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<tr><td class='diff-marker'> </td><td style="background-color: #f8f9fa; color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>*[[Clive Briault]], Managing Director</div></td><td class='diff-marker'> </td><td style="background-color: #f8f9fa; color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>*[[Clive Briault]], Managing Director</div></td></tr>
<tr><td class='diff-marker'> </td><td style="background-color: #f8f9fa; color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>*Sir [[James Crosby]], Non-executive Board Member</div></td><td class='diff-marker'> </td><td style="background-color: #f8f9fa; color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>*Sir [[James Crosby]], Non-executive Board Member</div></td></tr>
<tr><td class='diff-marker'>−</td><td style="color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #ffe49c; vertical-align: top; white-space: pre-wrap;"><div>*[[Peter Fisher]],  Non-executive Board Member</div></td><td class='diff-marker'>+</td><td style="color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #a3d3ff; vertical-align: top; white-space: pre-wrap;"><div>*[[Peter Fisher <ins class="diffchange diffchange-inline">(Financial Services Authority)</ins>]],  Non-executive Board Member</div></td></tr>
<tr><td class='diff-marker'> </td><td style="background-color: #f8f9fa; color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>*[[Brian Flanagan]], Non-executive Board Member</div></td><td class='diff-marker'> </td><td style="background-color: #f8f9fa; color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>*[[Brian Flanagan]], Non-executive Board Member</div></td></tr>
<tr><td class='diff-marker'> </td><td style="background-color: #f8f9fa; color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>*[[Karin Forseke]], Non-executive Board Member</div></td><td class='diff-marker'> </td><td style="background-color: #f8f9fa; color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>*[[Karin Forseke]], Non-executive Board Member</div></td></tr>
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<tr><td class='diff-marker'> </td><td style="background-color: #f8f9fa; color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>:[[Carolyn Fairbairn]] (December 2007 – Present<ref>March 2010.</ref>): Fairbairn is the Director of Group Development and Strategy at [[ITV plc]]. Prior to joining ITV, Carolyn was a senior figure at the [[BBC]] for eight years, where she was a member of the Executive Board. She has also worked as a consultant at [[McKinsey]] and the [[Downing Street Policy Unit]].<ref>"Fairbairn, Carolyn Julie," Who's Who 2009, A & C Black, 2008; online edition, Oxford University Press, "[http://www.ukwhoswho.com/view/article/oupww/whoswho/U15370 Fairbairn, Carolyn Julie]," December 2008, accessed 27 March 2009.</ref></div></td><td class='diff-marker'> </td><td style="background-color: #f8f9fa; color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>:[[Carolyn Fairbairn]] (December 2007 – Present<ref>March 2010.</ref>): Fairbairn is the Director of Group Development and Strategy at [[ITV plc]]. Prior to joining ITV, Carolyn was a senior figure at the [[BBC]] for eight years, where she was a member of the Executive Board. She has also worked as a consultant at [[McKinsey]] and the [[Downing Street Policy Unit]].<ref>"Fairbairn, Carolyn Julie," Who's Who 2009, A & C Black, 2008; online edition, Oxford University Press, "[http://www.ukwhoswho.com/view/article/oupww/whoswho/U15370 Fairbairn, Carolyn Julie]," December 2008, accessed 27 March 2009.</ref></div></td></tr>
<tr><td class='diff-marker'> </td><td style="background-color: #f8f9fa; color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"></td><td class='diff-marker'> </td><td style="background-color: #f8f9fa; color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"></td></tr>
<tr><td class='diff-marker'>−</td><td style="color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #ffe49c; vertical-align: top; white-space: pre-wrap;"><div>:[[Peter Fisher]] (January 2007 – Present<ref>March 2010.</ref>): Fisher is currently a Managing Director of the U.S. investment management firm [[BlackRock Inc.]], where he is a Co-Head of Fixed Income Portfolio Management Group, and a member of Executive Committee. Previously he served as Under Secretary for Domestic Finance, [[U.S. Department of the Treasury]] and as Executive Vice President of the [[Federal Reserve Bank of New York]].<ref>FSA, [http://www.fsa.gov.uk/pages/about/who/board/fisher.shtml Peter Fisher], accessed 27 March 2010.</ref></div></td><td class='diff-marker'>+</td><td style="color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #a3d3ff; vertical-align: top; white-space: pre-wrap;"><div>:[[Peter Fisher <ins class="diffchange diffchange-inline">(Financial Services Authority)</ins>]] (January 2007 – Present<ref>March 2010.</ref>): Fisher is currently a Managing Director of the U.S. investment management firm [[BlackRock Inc.]], where he is a Co-Head of Fixed Income Portfolio Management Group, and a member of Executive Committee. Previously he served as Under Secretary for Domestic Finance, [[U.S. Department of the Treasury]] and as Executive Vice President of the [[Federal Reserve Bank of New York]].<ref>FSA, [http://www.fsa.gov.uk/pages/about/who/board/fisher.shtml Peter Fisher], accessed 27 March 2010.</ref></div></td></tr>
<tr><td class='diff-marker'> </td><td style="background-color: #f8f9fa; color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"></td><td class='diff-marker'> </td><td style="background-color: #f8f9fa; color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"></td></tr>
<tr><td class='diff-marker'> </td><td style="background-color: #f8f9fa; color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>:[[Brian Flanagan]] (January 2007 – Present<ref>March 2010.</ref>): Flanagan is a non-executive director of [[Wm Morrison Supermarkets plc]] and advisor to [[Jet Environmental Ltd]]. He was formerly a Vice President of [[Mars Inc]].<ref>FSA, [http://www.fsa.gov.uk/pages/about/who/board/flanagan.shtml Brian Flanagan], accessed 27 March 2010.</ref></div></td><td class='diff-marker'> </td><td style="background-color: #f8f9fa; color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>:[[Brian Flanagan]] (January 2007 – Present<ref>March 2010.</ref>): Flanagan is a non-executive director of [[Wm Morrison Supermarkets plc]] and advisor to [[Jet Environmental Ltd]]. He was formerly a Vice President of [[Mars Inc]].<ref>FSA, [http://www.fsa.gov.uk/pages/about/who/board/flanagan.shtml Brian Flanagan], accessed 27 March 2010.</ref></div></td></tr>
</table>Hilary Akedhttps://powerbase.info/index.php?title=Financial_Services_Authority&diff=217266&oldid=prevJosh Leeson at 14:59, 30 April 20152015-04-30T14:59:58Z<p></p>
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<tr><td class='diff-marker'> </td><td style="background-color: #f8f9fa; color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>{{Template: Revolving Door badge}}  </div></td><td class='diff-marker'> </td><td style="background-color: #f8f9fa; color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>{{Template: Revolving Door badge}}  </div></td></tr>
<tr><td class='diff-marker'>−</td><td style="color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #ffe49c; vertical-align: top; white-space: pre-wrap;"><div>The [[Financial Services Authority]] (FSA) <del class="diffchange diffchange-inline">is </del>an independent non-governmental body, given statutory powers by the Financial Services and Markets Act 2000. It <del class="diffchange diffchange-inline">is </del>financed by the financial services industry.<ref>FSA, [http://www.fsa.gov.uk/Pages/About/Who/index.shtml Who are we], accessed 22 March 2010.</ref></div></td><td class='diff-marker'>+</td><td style="color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #a3d3ff; vertical-align: top; white-space: pre-wrap;"><div>The [[Financial Services Authority]] (FSA) <ins class="diffchange diffchange-inline">was </ins>an independent non-governmental body, given statutory powers by the Financial Services and Markets Act 2000. It <ins class="diffchange diffchange-inline">was </ins>financed by the financial services industry.<ref>FSA, [http://www.fsa.gov.uk/Pages/About/Who/index.shtml Who are we], accessed 22 March 2010.</ref></div></td></tr>
<tr><td class='diff-marker'> </td><td style="background-color: #f8f9fa; color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"></td><td class='diff-marker'> </td><td style="background-color: #f8f9fa; color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"></td></tr>
<tr><td class='diff-marker'>−</td><td style="color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #ffe49c; vertical-align: top; white-space: pre-wrap;"><div>The Treasury <del class="diffchange diffchange-inline">appoints </del>the FSA Board, which consists of a Chairman, a Chief Executive Officer, three Managing Directors, and nine non-executive directors (including a lead non-executive member, the Deputy Chairman). The Board <del class="diffchange diffchange-inline">sets </del>overall policy, but day-to-day decisions and management of the staff are the responsibility of the Executive.<ref>FSA, [http://www.fsa.gov.uk/Pages/About/Who/index.shtml Who are we], accessed 22 March 2010.</ref> The Chairman <del class="diffchange diffchange-inline">is </del>formally appointed to the FSA board for five years and other members for three years.</div></td><td class='diff-marker'>+</td><td style="color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #a3d3ff; vertical-align: top; white-space: pre-wrap;"><div>The Treasury <ins class="diffchange diffchange-inline">appointed </ins>the FSA Board, which consists of a Chairman, a Chief Executive Officer, three Managing Directors, and nine non-executive directors (including a lead non-executive member, the Deputy Chairman). The Board <ins class="diffchange diffchange-inline">set </ins>overall policy, but day-to-day decisions and management of the staff are the responsibility of the Executive.<ref>FSA, [http://www.fsa.gov.uk/Pages/About/Who/index.shtml Who are we], accessed 22 March 2010.</ref> The Chairman <ins class="diffchange diffchange-inline">was </ins>formally appointed to the FSA board for five years and other members for three years.</div></td></tr>
<tr><td class='diff-marker'> </td><td style="background-color: #f8f9fa; color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"></td><td class='diff-marker'> </td><td style="background-color: #f8f9fa; color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"></td></tr>
<tr><td class='diff-marker'> </td><td style="background-color: #f8f9fa; color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>After the financial crash in 2012 and the Financial Services Act 2012 the FSA was abolished and it's responsibilities were split between two new agencies, the [[Prudential Regulation Authority]] and the [[Financial Conduct Authority]] and the [[Bank of England]].<ref> Financial Conduct Authority [https://www.fca.org.uk/about/history History], accessed 30 April 2015.</ref></div></td><td class='diff-marker'> </td><td style="background-color: #f8f9fa; color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>After the financial crash in 2012 and the Financial Services Act 2012 the FSA was abolished and it's responsibilities were split between two new agencies, the [[Prudential Regulation Authority]] and the [[Financial Conduct Authority]] and the [[Bank of England]].<ref> Financial Conduct Authority [https://www.fca.org.uk/about/history History], accessed 30 April 2015.</ref></div></td></tr>
</table>Josh Leesonhttps://powerbase.info/index.php?title=Financial_Services_Authority&diff=217265&oldid=prevJosh Leeson at 14:58, 30 April 20152015-04-30T14:58:58Z<p></p>
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<td colspan="2" style="background-color: #fff; color: #222; text-align: center;">Revision as of 14:58, 30 April 2015</td>
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<tr><td class='diff-marker'> </td><td style="background-color: #f8f9fa; color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>The Treasury appoints the FSA Board, which consists of a Chairman, a Chief Executive Officer, three Managing Directors, and nine non-executive directors (including a lead non-executive member, the Deputy Chairman). The Board sets overall policy, but day-to-day decisions and management of the staff are the responsibility of the Executive.<ref>FSA, [http://www.fsa.gov.uk/Pages/About/Who/index.shtml Who are we], accessed 22 March 2010.</ref> The Chairman is formally appointed to the FSA board for five years and other members for three years.</div></td><td class='diff-marker'> </td><td style="background-color: #f8f9fa; color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>The Treasury appoints the FSA Board, which consists of a Chairman, a Chief Executive Officer, three Managing Directors, and nine non-executive directors (including a lead non-executive member, the Deputy Chairman). The Board sets overall policy, but day-to-day decisions and management of the staff are the responsibility of the Executive.<ref>FSA, [http://www.fsa.gov.uk/Pages/About/Who/index.shtml Who are we], accessed 22 March 2010.</ref> The Chairman is formally appointed to the FSA board for five years and other members for three years.</div></td></tr>
<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #a3d3ff; vertical-align: top; white-space: pre-wrap;"><div><ins style="font-weight: bold; text-decoration: none;"></ins></div></td></tr>
<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #a3d3ff; vertical-align: top; white-space: pre-wrap;"><div><ins style="font-weight: bold; text-decoration: none;">After the financial crash in 2012 and the Financial Services Act 2012 the FSA was abolished and it's responsibilities were split between two new agencies, the [[Prudential Regulation Authority]] and the [[Financial Conduct Authority]] and the [[Bank of England]].<ref> Financial Conduct Authority [https://www.fca.org.uk/about/history History], accessed 30 April 2015.</ref></ins></div></td></tr>
<tr><td class='diff-marker'> </td><td style="background-color: #f8f9fa; color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"></td><td class='diff-marker'> </td><td style="background-color: #f8f9fa; color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"></td></tr>
<tr><td class='diff-marker'> </td><td style="background-color: #f8f9fa; color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>==Structure==</div></td><td class='diff-marker'> </td><td style="background-color: #f8f9fa; color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>==Structure==</div></td></tr>
</table>Josh Leesonhttps://powerbase.info/index.php?title=Financial_Services_Authority&diff=177529&oldid=prevMelissa Jones: /* RBS */2012-10-22T07:15:50Z<p><span dir="auto"><span class="autocomment">RBS</span></span></p>
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<td colspan="2" style="background-color: #fff; color: #222; text-align: center;">Revision as of 07:15, 22 October 2012</td>
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<tr><td class='diff-marker'> </td><td style="background-color: #f8f9fa; color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>In fact, the FSA failed to examine the risky nature of the whole banking sector. McCarthy’s replacement at the FSA, Lord [[Adair Turner]], has now admitted that the FSA and other regulators had failed to see that by 2004 the banking system was moving in a direction that created a “large systemic risk”. “With hindsight” said Turner “the FSA was focused too much on individual institutions .... and not adequately focused on the totality of the systemic risks across the whole system, and whether there were entire business models, entire ways of operating, that were risky.”<ref>Macalister, Terry, "City watchdog chief admits regulators failed to spot looming financial disaster," ''The Guardian'', 16 February 2009.</ref></div></td><td class='diff-marker'> </td><td style="background-color: #f8f9fa; color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>In fact, the FSA failed to examine the risky nature of the whole banking sector. McCarthy’s replacement at the FSA, Lord [[Adair Turner]], has now admitted that the FSA and other regulators had failed to see that by 2004 the banking system was moving in a direction that created a “large systemic risk”. “With hindsight” said Turner “the FSA was focused too much on individual institutions .... and not adequately focused on the totality of the systemic risks across the whole system, and whether there were entire business models, entire ways of operating, that were risky.”<ref>Macalister, Terry, "City watchdog chief admits regulators failed to spot looming financial disaster," ''The Guardian'', 16 February 2009.</ref></div></td></tr>
<tr><td class='diff-marker'> </td><td style="background-color: #f8f9fa; color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>===RBS===</div></td><td class='diff-marker'> </td><td style="background-color: #f8f9fa; color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>===RBS===</div></td></tr>
<tr><td class='diff-marker'>−</td><td style="color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #ffe49c; vertical-align: top; white-space: pre-wrap;"><div>In October 2012, MPs from the UK [[House of Commons Treasury Select Committee|Treasury Select Committee]] published another damning report on the FSA's failure to act, this time over the British bank [[RBS]]'s acquisition of Dutch bank [[ABN Amro]] in 2007. The £49 billion takeover, which <del class="diffchange diffchange-inline">had </del>helped <del class="diffchange diffchange-inline">pushed </del>RBS to the brink of collapse, was a 'serious indictment' of the Financial Services Authority said MPs. ''The Guardian'' reported the committee's findings:</div></td><td class='diff-marker'>+</td><td style="color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #a3d3ff; vertical-align: top; white-space: pre-wrap;"><div>In October 2012, MPs from the UK [[House of Commons Treasury Select Committee|Treasury Select Committee]] published another damning report on the FSA's failure to act, this time over the British bank [[RBS]]'s acquisition of Dutch bank [[ABN Amro]] in 2007. The £49 billion takeover, which helped <ins class="diffchange diffchange-inline">push </ins>RBS to the brink of collapse, was a 'serious indictment' of the Financial Services Authority said MPs. ''The Guardian'' reported the committee's findings:</div></td></tr>
<tr><td class='diff-marker'> </td><td style="background-color: #f8f9fa; color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"></td><td class='diff-marker'> </td><td style="background-color: #f8f9fa; color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"></td></tr>
<tr><td class='diff-marker'> </td><td style="background-color: #f8f9fa; color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>:"The FSA report describes failures and inadequacies in the regulation and supervision of capital, liquidity, asset quality and a failure appropriately to analyse the risks relating to the ABN Amro acquisition," the committee's report says. "This is a serious indictment of both the senior management and leadership and in particular the chairman and chief executive in place at the time and their predecessors, regardless of the prevailing assumptions and political pressures."</div></td><td class='diff-marker'> </td><td style="background-color: #f8f9fa; color: #222; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>:"The FSA report describes failures and inadequacies in the regulation and supervision of capital, liquidity, asset quality and a failure appropriately to analyse the risks relating to the ABN Amro acquisition," the committee's report says. "This is a serious indictment of both the senior management and leadership and in particular the chairman and chief executive in place at the time and their predecessors, regardless of the prevailing assumptions and political pressures."</div></td></tr>
</table>Melissa Jones