Hector Sants, Chief Executive of the Financial Services Authority, has agreed to take questions from Reuters readers after he delivers his first major speech on the future of financial market supervision on March 12th at the Thomson Reuters Building in London.
Sants, who was appointed just before Northern Rock was plunged into crisis, said last month that fresh thinking was needed in financial market supervision, pledged to get more involved in assessing the competence of senior bankers and waived his entitlement to a bonus for last year amid criticism of the FSA’s performance.
So what should the FSA do to sort out the banks and the markets? Reuters columnist Jim Saft gives his assessment of the challenges facing the regulator:
Thomas Raber, Managing Director of Alvine Capital, sees changes to the regulation of hedge funds as important:
Send us your questions via the comments section below or if you’re on Twitter use the #askfsa tag and we’ll try to get as many of your questions answered as possible. See the Great Debate twitter site to follow other debates hosted by Reuters.
How well does banking risk management cope with forward-looking risk? Do we know what happens in scenarios like these:
- Major earthquake in California
- Googled 'Volcano crop yields', seeking the depressed crop yields during the middle ages I read about in "making a living in the middle ages", couldn't remember the volcano
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what should FSA as regulators or other regulators do and what should be done at macro level and at micro level to solve the problems of the UK banking sector, or more broadly the banking sector in the developed world.
Reaction from Michael McKee of DLA Piper
http://www.youtube.com/watch?v=5CXrAf15T s8
This event has now taken place and a number of your questions were put directly to Hector Sants (see the archived video at http://uk.reuters.com/news/globalcoverag e/newsmakerFSA).
Please feel free to leave any additional observations or comments below but this forum for direct questions with the FSA is now closed.
Reaction from Kate Day of the Daily Telegraph
http://www.youtube.com/watch?v=aCKWydU7Z qM
Hector:
1 - why are fund reporting requirements to investors antedeluvian? they are not required (and do not) give more than aggregate performance to date, which is downright untruthful where a fund has changed hands, and little better even if not - We need to know whether a fund manager is actually performing, as we are still expected to invest in the crap available to derive a pension.
2 - How can the FSA retain credibility when its hires are second rate and it jumps when the master frog (HMG) so requires ?
Happy to discuss “second rate” accusation publicly.
Love
A taxpayer
“Did the FSA adequately respond to Paul Moore’s challenges to the HBOS senior executive over risk?”
The world today is run by the international rich. This small group that owns the vast majority of the worlds assets and wealth, have been and always will be far out of the reach of badly run, short term governments and their departments including the FSA. What can you possibly hope to achieve in the short term you will be in charge, other than to further your own career like most in the government of the day?
A market is supposed to be open and free for all to participate. I as a private investor can buy and sell shares just like a hedge fund. I cannot borrow shares to short a share. Where is the fairness in that.
Just make lending shares to a third party illegal. Simple
Dear Hector,
What operational details do the BANKS have to disclose to the FSA and how often? Is anything compulsory?
Thankyou.
you are all crocked ,all the people i know think this,
nobody trust people like you anymore,what is your response to this?????
The FSA David chases Goliath to his border. Goliath crosses and continues his rampage having first turned to say sorry and got a pebble bounced off his head for his hypocrisy. When are the euro if not the global regulators going to merge and become a giant themselves instead of a lot of little Davids? International rather than national regulation would help maintain fundamental standards, avoid wasteful repetition and variations on a theme. We need the “UN of regulators” ie not perfect but divided we fall or rather fail. The current crisis stemmed from global problems didn’t it? The institutional causes are themselves global but the FSA and other regulators, perocial.
How many bankers other investment industry “professionals” have you put behind bars so far?
Hi,
Is it not invevitable that taxpayer guaranteed deposit taking institutions should be forced to completely separate out the investment banking operations from their retail banking operations.
In effect, banks can take enormous risks in their investment banking operations safe in the knowledge that because they are also deposit taking institutions, the taxpayer will always bail them out if needed.
Regulation alone will not prevent that risk taking. Indiviudal greed will ensure that some method is found to circumvent, subvert or ignore regulationss.