Tories want to put Lord Turner in charge of curbs at the Bank - Times Online

Tories want to put Lord Turner in charge of curbs at the Bank - Times Online



Mr Osborne must stop and think about all this, the fact is that all the 740 BofE regulatory staff were transferred to the FSA (together with their generous pension scheme and decrepit computer system), yet the banking system fell over despite the fact that we had all these experienced individuals in the 'one stop' regulator, I believe it was down to the fact that a new government made hasty changes for the sake of change and the desire to be seen to be doing something about the perceived faulty ‘previous’ regulators under a ‘previous’ government’. These knee-jerk reactions are not vote winners, the regulated are worn out by constant change over the last two decades or more, we need stability, we need to sort out what we have rather than create something ‘new’ which will inevitably be populated by the very same people who have to date allowed so many things to fall in between the regulatory gaps. Another issue is the cost to the regulated of returning all those people to the state run central bank, they can’t afford it!

No Mr Osborne, we need balance, we don’t need yet another stab at ‘curing’ the system of regulation which, let’s face it, was started on the watch of the last Conservative government.

While I am still interested enough to keep tying I would like to ask whether regulation is the solution, or is it the problem.