The Bankwatch

Tracking the consumer evolution of financial services

FSA steps up scrutiny in ‘get scary’ drive

The normally quiet FSA is becoming proactive, taking advantage of the current climate to do deeper assessments of market participants.  In fact they are getting deliberately personal in assessment of market participants.

FSA steps up scrutiny in ‘get scary’ drive | FT

The Financial Services Authority is delving deeper into the pasts of those it supervises in what solicitors see as a crackdown that could lead to more companies and individuals being excluded from the market.

Executives and managers are being called for interviews more often, asked for more detail about their CVs and experience, and quizzed more closely on past problems, such as auditors’ qualifications to their companies’ accounts, lawyers said.

“There is definitely a sense that the FSA is becoming tougher on approvals,” said one solicitor. “Up until now it was more about excluding the obvious bad boys from the industry.” One recent public institutional casualty of the FSA’s vetting was Lithuania’s Bankas Snoras, which last month gave up its fight to be allowed to open a branch in Britain.

Written by Colin Henderson

April 7, 2009 at 01:11

Posted in Uncategorized

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