BBC NEWS | Politics | Osborne would scrap 'failed' FSA: "Chief Secretary to the Treasury Liam Byrne said: 'David Cameron and George Osborne can talk all they like about banking reform, but when it mattered, they showed their inexperience and called it wrong."
Mr Byrne needs to remember one thing, all the Bank of England regulators were moved to the FSA and they still allowed the banking system to fall in between the regulatory gap. The Financial Services Authority has too many fingers in too many pies to be aware of systemic risk in any particular financial sector and by the time action is taken it is too late, a bit like trying to divert or stop a supertanker.
You cannot have a 'one size fits all' style of regulation, the Financial Services Authority has a number of people proclaiming their intention to rid the markets of all manner of ills using a myriad of new 'initiatives' without any evidence of the perceived problems or any proof their solutions will work.
There are simple solutions to all these issues but vested interests, whether they be regulators or major financial institutions, will always succeed in their lobbying because money talks.
IFAs are worth listening to.
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