FSA chairman outlines reform agenda

Lord Adair Turner, the chairman of the Financial Services Authority (FSA), Britain's financial supervisor, on Wednesday presented his vision of how regulation needed to change.

Lord Turner highlighted what he saw as the three "most fundamental" regulatory responses to the crisis, as well as his stance on securitisation, the supervision of systemically-important institutions and the re-introduction of the Glass-Steagall Act.

The three fundamental responses involved:

· capital adequacy;

· liq