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Is Lord Turner's position now untenable?

Lord Turner, chairman of the Financial Services Authority (FSA), is today under serious pressure after announcing a vicious attack on the UK financial sector. Despite the fact that Lord Turner is a regulator, and ultimately not in the pocket of the UK financial sector, there is still a need for all parties to work together to reach a common goal in the short, medium and longer term. There is now a feeling that after Lord Turner's scathing attack, during which he described the UK banking sector as "socially useless", his position is untenable.

Let's not forget that Lord Turner was parachuted in by the UK government to take over the highly influential role of chairman of the FSA at a time when the sector was out of control and the UK taxpayer had been forced to bail out some of the best-known institutions in the UK. The fact that the FSA would close, if the Conservative party win the next general election, may also be in the back of Lord Turner's mind although in truth his suggestion of a tax on each and every financial transaction in the UK is way beyond his remit.

Quite why he took his course of action at such a difficult time in the UK economic cycle is anybody's guess!

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