Ahead of the herd

The UK Financial Services Authority will finalise its new liquidity requirements by the end of the year, but certain aspects of the proposals remain highly contentious, and the regulator has been criticised for rushing ahead of the Basel Committee, which is drawing up binding standards of its own. Joel Clark reports

Adair Turner has become something of an iconic figure in the wake of the financial crisis. Since being appointed chairman of the UK Financial Services Authority (FSA) a year ago, he has attempted to comprehensively address the origins of the crisis and the changes needed. The Turner Review, his blueprint for reform published in March, has become an internationally respected doctrine that many believe encapsulates the way forward for better regulation of the financial services industry. Most of