11
Jun/090
Jun/090
Financial Stability Sacrificed for Consumer Protection
The Bank of England, the Treasury and the FSA were criticised today for the way in which they supervised the banking system.
The House of Lords Economic Affairs Committee, responsible for looking into national economic issues, said the so-called ‘tripartite’ system had become distorted and confusion reigned to the debtriment of the economy. The failure of Northern Rock only served to back up this theory.
The report by the Economic Affairs Committee indicated that the Financial Services Authority had taken its eye of its ultimate responsibility for looking after the countries finances and paying too much attention to its consumer protection role obligations.
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