Staff exodus weakens FSA influence
The Financial Services Authority admitted yesterday that the departure of senior staff ahead of the watchdog's break-up had damaged its ability to influence new European regulations.
Giving evidence to the Treasury Select Committee, Hector Sants, the chief executive of the FSA, said: "Some of the turnover in our senior staff has undoubtedly affected our representation on some of the key regulatory committees because those are elected roles by the European regulatory community elected on a personal basis and the FSA does not have the automatic right to appoint somebody to those roles.
"The process of breaking up the FSA, with some senior people leaving, has been somewhat disruptive to our representational ability."
The UK authorities have been battling to fend off European financial rules. Lord Turner, the FSA chairman, last month attacked capital rules from Brussels that would prevent the UK from imposing higher requirements.
The European clampdown has coincided with a rising rate of resignations from the watchdog as it heads for break-up next year. The leavers have included a string of high-profile figures, including heavy hitters on global issues.
Thomas Huertas, who headed the international division, announced over the summer that he was quitting for a job at the accountancy firm Ernst & Young. Alexander Justham, director of markets, handed in his resignation in July.
The FSA's bosses also told the committee they wanted greater powers to outlaw incompetent bank bosses from the financial industry.
Margaret Cole, the FSA's director of enforcement, said: "I think we want to be in a world where we can be clearer that people who mismanage institutions will never be able to work in the financial services industry again."
- 1 What if 35 Palestinians had died, and 800 Israelis?
- 2 Disney heiress Abigail disowns her share of family profits in West Bank company
- 3 The secret report that helps Israel hide facts
- 4 'Women should not laugh in public,' says Turkey's Deputy Prime Minister in morality speech
- 5 Ross Burden dead: MasterChef and Ready Steady Cook star dies at age 45 after suffering from cancer
A former custard factory, a Midlands bog and a Leeds cemetery all included in top 50 hidden spots in the UK
Disney heiress Abigail disowns her share of family profits in West Bank company
'Women should not laugh in public,' says Turkey's Deputy Prime Minister in morality speech
Richard Dawkins tweets: 'Date rape is bad, stranger rape is worse'
Ross Burden dead: MasterChef and Ready Steady Cook star dies at age 45 after suffering from cancer
The secret report that helps Israel hide facts
A day in the life of Vladimir Putin: The dictator in his labyrinth
Woman and two children killed by mob in riots over 'blasphemous' Facebook post in Pakistan
Putin is 'thuggish, dishonest and reckless', says British ambassador to US
A new Russian revolution: The cracks are starting to appear in Putin’s Kremlin power bloc
Were 'Poor Doors' added to mixed developments so wealthy residents don't have to go in alongside social housing tenants?
- < Previous
- Next >
iJobs Money & Business
£350 - £400 per day + competitive: Orgtel: Senior Analyst, ALM Data, Halifax, ...
£500 - £600 per day: Orgtel: Java developer - Banking - London - Up to £600/d...
£400 per day + competitive: Orgtel: Liquidity Reporting - Basel III - LCR - Ba...
Negotiable: Harrington Starr: Client Services Associate (Microsoft Office, Ana...