UK market watchdog says time short for big change

July 23, 2009

    LONDON, July 23 (Reuters) – The “green shoots” of recovery must not distract regulators from pushing ahead with the radical changes needed to make markets safer again, Britain’s top financial supervisor said on Thursday. 
   Adair Turner, chairman of the Financial Services Authority, said although policymakers across the world agree on the direction of changes needed to repair the financial system, there was still much detail to be worked out.
   “There is therefore a real danger that, as the green shoots grow, as time elapses, as lobbyists emerge to argue against change and as well realise that identifying the broad direction was the easy bit, we fail to make adequately radical changes,” FSA Chairman, Adair Turner, told the watchdog’s annual meeting.
   “Across the world regulators are aware that if we do not maintain the momentum of change over the next year, we may miss the opportunity to drive through the radical reforms required,” Turner said.
   (Reporting by Huw Jones; Editing by Patrick Graham)
   ((Reuters messaging: huw.jones.reuters.com@reuters.net; + 44 207 542 3326; huw.jones@thomsonreuters.com))
 Keywords: BRITAIN FINANCIAL/FSA
  
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 Thursday, 23 July 2009 09:52:57RTRS [nLM481219] {EN}ENDS

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