Turner review published
www.moneynews.co.uk > General finance > Turner review published
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Money News |
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Turner review published
Thu 19th Mar 2009
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Written by Lord Adair Turner, the review identifies three principal causes of the current crisis - macro-economic imbalances, financial innovation of little social value and important deficiencies in key bank capital and liquidity regulations.
Included in the report are Lord Turner's recommendations for a reform of the banking regulatory system, both in the UK and internationally.
Lord Turner said: "A global market economy remains the best means of delivering global prosperity: it requires a global banking system focussed on serving the needs of businesses and households, not in taking risks for quick return."
The FSA was established by Gordon Brown in 1997 as part of a tripartite regulatory system designed to oversee the financial services industry.
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