FSA chief in new bank warning

The head of the UK Financial Services Authority says that an era of cheap credit is over and the market needs to focus on the outcomes and consequence of actions.

The comments, from FSA chief executive Hector Sants, hint at challenging existing business practice and have been construed as threatening wide-ranging regulation.

“Banks need to give consideration to how their business models will need to adapt to the changed market circumstances they have seen,” said Sants in an interview with the

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