Summary
WITH attention focused on the need to ensure that the new Prudential Regulatory Authority is robust enough to sidestep another banking crisis, it is essential that the other successor body to the Financial Services Authority - the Consumer Protection and Markets Authority - is endowed with sufficient backbone to supervise the firms that sell us insurance, grant mortgages and invest our savings.
It is unnerving that outgoing FSA boss Hector Sants is ready to take charge of the PRA, but interviews have only just started for the top job at the CPMA. And while the Treasury draws up legislation to enact the regulatory change, there is much on the 'to do' list to shore up consumer protection.See the full content of this document
Extract
Consumers Need More Than a Patsy
As things stand, the FSA regulates mortgages, but the Office of Fair Trading oversees loan companies. There is overlap, with firms needing licences from both, along with supervision visits and c...
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