The Blog of
Nadine Dorries
FSA..Man or Boy?
Posted Wednesday, 15 October 2008 at 12:23

It doesn't matter who you listen to or what you read, it could be a mini debate on Newsnight as we were treated to on Monday; the Today programme; or the renowned Irwin Stelzer of The Times who if I'm not mistaken pronounced on Newsnight as little as a month ago, that there was nothing he heard or saw in the British economy that worried him. They are all saying the same thing - greater regulatory reform. This translates, or rather cascades down to the FSA recently described by one prestigious MP in a private meeting as the CSA of the financial world.

There is only one knowledgeable commentator whose opinion I have listened to and believed throughout all of this financial chaos, and that is Jon Moulson of Alchemy - I am always knocked out by John's pragmatism and common sense.

I'm not yet sure what he thinks of tighter regulatory reform in the hands of the FSA, but I do know this, before they become responsible for monitoring the financial markets they need to demonstrate that they are both able and fit enough to do so. The FSA needs teeth. We need legislation to beef up the FSA and guarantee that the culture within is one which is tough enough to get the job done - if indeed a regulatory agency with greater control is the right way to go. The City Sheriff is a man's job, we need to bear in mind that what we have in situ at the moment may be just a boy.

 

 
 
 
 
Contact Nadine
Nadine Dorries MP
House of Commons
London SW1A 0AA
via e-mail at: nadine.dorries.mp@parliament.uk
or Telephone on 020 7219 5928

 
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