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Gordon Brown supports the continuation of the FSA

At a time when the FSA is under extreme pressure regarding its lack of regulatory prowess in the UK markets, Gordon Brown has come to its defence by suggesting that the FSA needs strengthening not abolishing. This is most definitely a very different view to that aired by many in the financial markets in the UK who believe that the FSA, after various expensive re-organisations over the years, is a toothless regulator which has done very little to control the growth of the UK financial market.

Yet again, Gordon Brown seems to be suggesting that the world has followed the UK lead regarding a single regulator, as seen in the FSA, but the record of the UK financial regulator is very patchy to say the least. While many are throwing around accusations regarding the UK banking sector, banking directors and other leading figures in the sector there is no doubt that the FSA has been left wanting in many situations. We have seen millions upon millions of pounds poured into the regulatory system over the last decade which has all been pretty much to no avail.

However, Gordon Brown's idea that regulators around the world should have regular contact with each other seems a very sensible suggestion and one which should be followed up in the short to medium term.

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