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GAAP.RUNewsFSA replacements are not accountable enough

FSA replacements are not accountable enough

Publication date: 23 August 2010

The British Bankers Association (BBA) said scrapping the Financial Services Authority (FSA) would place too much power in the hands of a small, unelected and unaccountable group.

The British Bankers Association (BBA) said scrapping the Financial Services Authority (FSA) would place too much power in the hands of a small, unelected and unaccountable group: the BBA said the Consumer Protection and Markets Authority and Prudential Regulation Authority, do not have the same accountability as the current regulator which holds public annual general meetings and regular industry consultations.