Banking Crisis - Treasury Contents

Further memorandum from Graham Senior-Milne

  I am writing further to my E-Mail below and, in particular, to my comment that the FSA was clearly not fit for purpose back in 2001. I read in the Daily Telegraph that Lord Turner of the FSA stated in evidence to the Committee today "that the regulator had not been fit for purpose for much of the past decade", which exactly reflects what I have said. In my view, much of the blame for this can be laid squarely at the feet of Mr. McFall who consistently failed to hold the government to account during his chairmanship of the Committee for its policy of lax regulation and, indeed, that he actually acted to protect the government from being held accountable during this period—something that he continues to do.

25 February 2009

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