The FSA’s quest for respect
Regulation
Seldom does a day go by without the UK’s financial papers featuring a story involving the Financial Services Authority (FSA), the UK’s super-regulator. In retail markets such as structured retail products and mortgage endowments, it has acted boldly to address perceived failings among major financial institutions – so boldly that its enforcement procedures were recently criticised by a UK appeals court.
In the wholesale markets, however, things are different. Here, the FSA has so far
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