Report calls UK financial watchdogs cowed and secretive

By Huw Jones LONDON (Reuters) - Two British watchdogs set up to apply lessons from the financial crisis will sleepwalk into the next banking meltdown if they don't make big changes, a report said on Tuesday. Annual spending on financial regulation has tripled to 1.2 billion pounds since taxpayers had to bail out a string of UK lenders in the 2008 banking crisis. The 150-page report from the New City Agenda think tank and Cass Business School said problems identified at the FSA such as "group think", or lack of internal challenge, "box ticking", and watering down rules, had resurfaced at the new watchdogs.

Read More http://ift.tt/2ei1XW3

Bagikan Berita Ini