Major U Turn As Brown Orders End To His Light Touch Policies

[Realistbear]

http://www.telegraph.co.uk/finance/newsbys...regulation.html

New FSA chairman Lord Adair Turner heralds end of soft-touch regulation

Lord Adair Turner, the new chairman of the Financial Services Authority, has warned that the days of soft-touch regulation are over and said that a far more rigorous regime will be imposed under his watch.

By James Hall

Last Updated: 11:24PM BST 16 Oct 2008

He said that the City watchdog had attempted to regulate big banks “on the cheap” in the past. Under his tenure, the FSA will offer higher salaries to a new breed of staff – probably former bankers – who will be charged with asking tougher questions about the state of UK financial institutions than in the past.

“We’ll have more people looking at the high-impact, systematically important firms with major knock-on effects than we did before,” he said in an interview with The Guardian. “We will pay more than necessary to attract the correct quality of people from outside. Poachers turned gamekeepers are very attractive to hire. The FSA, in relation to systematically important firms, was [until now] trying to do regulation on the cheap.”

Lord Turner said that more people would be asking more questions and “getting more information than we were getting before”. He added: “There is no doubt the touch will be heavier. We have to make sure it is intelligent and focused on where the risks really are.”

..../

Had Brown not made "ask no questions, tell no lies" (a.k.a. light touch) central to his policy of boom without a bust we would never have seen the the madness in borrowing that was allowed to take place. But at the same time, without irresponsible and highly imprudent fiscal policy there would never have been a "miracle economy" and all those property porn shows, Krusty the ramp, Porsche Ceyannes, Chelsea Tractors, BTL.................................

Brown's shifting policy is, of course, the proverbial closing of the stable door long after the horse has bolted and trampled on the economy, people's lives and the future prosperity of our nation.

Knight in shining armour to the rescue of the victims of the boom? Are people really THAT stupid?

Edited October 17, 2008 by Realistbear

[stillill]

http://www.order-order.com/2008/09/flashba...ight-touch.html

CBI Speech by Brown Horrocks in 2005

"no inspection without justification, no form filling without justification, and no information requirements without justification, not just a light touch but a limited touch."

[Realistbear]

http://www.order-order.com/2008/09/flashba...ight-touch.html

CBI Speech by Brown Horrocks in 2005

Cue pirate with patch on one eye and parrot on shoulder: Aaargh. Ask ye no questions and I tell thee no lies. Arrgh. There be a light touch in these parts Jim me lad.

[A.steve]

I've recently become interested in who gets appointed to these senior posts in the civil service.

Lord Adair Turner - it seems - is qualified to head the FSA because, since 2002, he has chaired a UK government enquiry into pensions. I wonder how that went? I wonder how heading the FSA fits in with his responsibilities as Chairman of the UK Government's Committee on Climate Change? Is Lord Turner, like a BTL landlord... erm, rather overstretched?

Edited October 17, 2008 by A.steve