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FSA shows its muscles to the city

The FSA (Financial Services Authority) has this morning flexed its muscles and accused the UK financial sector of failing to take collective responsibility for the ongoing financial crisis. In a marker for the future, the FSA has threatened to "send people to jail" if that is what it takes to make the city wake up and listen and take responsibility for the issues which have impacted upon the overall UK economy.

While in many ways this is just sabre rattling on behalf of the FSA, there is a feeling that with banking bonuses already back to pre-credit crunch levels in some areas, the city does need to be reined in. The EU Commission is doing as much as possible to reduce the power and influence of the UK financial sector on the worldwide stage and the European stage in particular, but so far there has been major resistance towards any significant changes.

Many people believe that the FSA is something of a busted flush when you bear in mind that the Conservative party has already earmarked the FSA for closure, with the likelihood that regulatory powers will be transferred back to the Bank of England. It is highly possible that many of the suggestions and comments attributed to the FSA over the last few months will prove futile in the medium to longer term.

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