FSA and the price of failure

Michael Fallon, MP for Sevenoaks and deputy chairman of the Treasury Select Committee, on the UK Banking crisis and the FSA.....

In the end, this was a failure of regulation and of government. Take Brown’s own creation, the Financial Services Authority (FSA). This super-quango employs 2,500 staff, costs us a staggering £415 million a year, and is supposed to supervise the banks. So far, five out of the big 10 banks have crashed – that’s some supervision.