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FSA update regarding whistleblower saga

The FSA has this evening revealed that the authority received a complaint from Paul Moore regarding the situation at HBOS over three years ago. It would appear that the FSA was both concerned about the risk management of HBOS before and after the complaint was received but apparently took no action. This calls into question the whole basis of the FSA complaints handling process as well as the FSA's ability to make informed decisions after receiving information from outside parties. If the FSA was aware of potential risk management problems at HBOS more than three years ago, why was nothing done about the concerns?

While there is no suggestion of a cover-up, the quality of leadership at the FSA has been called into question and heads are sure to roll in the weeks and months to come. The FSA is seen as the pinnacle of the UK investment regulatory sector and if there are fundamental problems within the FSA, this does not bode well for other regulators in the UK.

Market observers are now trying to find out whether the concerns which were passed to the FSA from Paul Moore were forwarded to the Treasury, the government or the Bank of England. This would appear to be a saga which has only just begun.

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