
Trade Finance In Wartime
The huge drop-off in trade involving Russia and Ukraine has hit trade finance hard.
UNITED KINGDOM
Britain’s Financial Services Authority (FSA), much criticized for regulatory and supervisory failings that critics say have exacerbated the country’s financial crisis, is to abandon its much-vaunted light-touch approach to regulation.
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Turner: Getting tough |
The FSA is generally stressing it will now be much tougher. Chief executive Hector Sants has hinted at a departure from principles-based regulation, the cornerstone of the FSA’s philosophy since it was set up in 1997, saying it could not work where people do not have principles, and that in the future financial institutions “should be very afraid” of the FSA.
The immediate response to the review was that it heralded a long overdue return to the common sense abandoned during the financial boom of the past few years, with prudence now seen as the necessary main driving force behind regulation. However, many will argue the changes do not go far enough in revamping Britain’s discredited regulatory system.
Justin Keay