Bank has been slow to admit mistakes, says FSA boss Sants

September 4, 2021 by admin

first_img Show Comments ▼ KCS-content Share whatsapp Tuesday 23 November 2010 9:05 pm whatsappcenter_img BANK of England governor Mervyn King faces a tough grilling in front of MPs tomorrow after the man who is set to be his new deputy criticised the Bank for being slow in “fessing up” to mistakes made ahead of the financial crisis. Financial Services Authority chief executive Hector Sants told lawmakers the Bank had admitted to errors but in a “more elaborate and lengthy process” than the FSA has. “The FSA had a cleaner, more straight forward approach to fessing up,” Sants said.The UK is scrapping the FSA and handing many of its supervisory powers to a new prudential regulatory authority at the Bank, headed by Sants. Some were surprised that Sants criticised the Bank’s handling of the crisis ahead of his shift to his new role. “The level of communication, the level of interest in the central bank on financial stability issues, I think, was recognised by all to be very low in the pre-2007 period,” Sants told parliament’s treasury select committee.Sants said the FSA was limiting the amount of new work it was taking on.“Hector Sants was revealing and helpful,” said committee chairman Andrew Tyrie. by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was The Dream Girl In The 90s, This Is Her NowMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen Heraldmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island Farmthedelite.comNetflix Cancellations And Renewals: The Full List For 2021thedelite.com Bank has been slow to admit mistakes, says FSA boss Sants Tags: NULL More From Our Partners A ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orglast_img

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