Scrapping FSA 'not a good idea', banks warn

24 August 2010 at 14:59

Scrapping FSA 'not a good idea', banks warn Completely scrapping the Financial Services Authority (FSA) would result in a great deal of power being given to too few people, some of the country's largest banks have warned.

After the new coalition government revealed that the FSA would be wound down in the coming months, the British Bankers' Association (BBA) has put together a new working group to give a response representing the whole industry.

According to the BBA, doing away with the FSA raises concerns over lack of accountability, with a source telling the Sunday Telegraph that there are "widespread concerns" over this, particularly as the new Prudential Regulation Authority, which will take on the FSA's powers, will only be accountable to the Bank of England.

Simon Halls, executive director of the BBA, added: "It's important that the new regulatory architecture takes into account the legitimate concerns of those who will be regulated about governance and accountability."

Posted by Tony Miller ADNFCR-3006-ID-800037795-ADNFCR

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