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FSA looking to investigate UK banking collapse

It has been revealed that the Financial Services Authority (FSA) is set to investigate the collapse of the UK banking sector which led to the bailout of Royal Bank of Scotland, HBOS and eventually Lloyds bank. Quite why the investigation has been instigated at this moment in time is a little mysterious with some suggestions that the government and the authorities are looking to deflect any potential criticism of their roles.

Royal Bank of Scotland, HBOS and Lloyds bank have between them swallowed billions upon billions of pounds of UK taxpayers money as the government sought to ensure that the UK banking sector did not collapse. The investigation, which is expected to be formally announced within two weeks, is set to look at balance sheets, directors and the financial environment at the time of the collapse. While the FSA does not believe any criminal wrong doing would be unearthed by the investigation there are hopes that lessons can be learnt for the future to ensure we do not sale as close to complete disaster as we have over recent months.

Many people are slightly bemused as to why the FSA, a regulator of the banking sector, is being asked to administer and report on the investigation.

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