Directed towards Ed Miliband in the House of Commons, David Cameron recently said “if you are going to jump on a bandwagon, make sure it’s still moving”, this was in response to the Labour leaders constant criticism of the actions of bankers, adding to the “bash the banker” vendetta apparent in recent media coverage. Although it cannot be ignored the rash actions of a few have indeed contributed in part to the current economic crisis, I am under the persuasion that it is not the individuals who are accountable, but it is those who supposedly regulate these industries. In the United Kingdom, during the past decade, this responsibility has been down to the Financial Services Authority (FSA), their missions include regulating four broad areas namely; market confidence, financial stability, consumer protection and the reduction of financial crime. Throughout the coming weeks I am going to investigate whether or not the FSA acted in line with their above missions, I am also going to take a step back and examine the reasoning behind financial regulation and determine its necessity in modern day financial markets, finally I will provide my own insights to the current crisis provide you my opinion on who or what is to blame!
Thanks for reading.
Take Care
PN
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