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Who regulates the regulators?

The recent history of the UK financial regulatory system is littered with serious errors of judgement, missed opportunities and a system which many believe has been wholly unsuccessful in regulating the very industry on which it is centred. Even though we have seen a change in the "self-regulation" system, upon which the UK financial sector has historically been based upon, there are many who feel that regulators in the UK have not served their purpose overall.

The FSA itself has been restructured, rebranded and rebuilt on numerous occasions over the last 20 or 30 years and still the UK banking system was allowed to teeter on the edge of the abyss before the government stepped in with taxpayer funding. While the UK government and the FSA have recently been attacking the UK banking sector as a whole, surely there must be some recourse for UK consumers concerned that the regulators have not been "up to the job".

The UK banking system is in crisis, banking jobs are being lost by the tens of thousands and credit in the UK has all but disappeared but still the FSA is looking to double the levy it receives from financial companies to fund its operations. Money is not the answer to everything, as we have seen with the UK economy, and many in the UK would prefer to see an improvement in the performance of regulators such as the FSA before any funding increases.

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