New FSA chief sounds warning call

The new chief executive of the British Financial Services Authority, Hector Sants, has warned that banks and financial institutions may not have done enough to protect themselves and their investors against the impending market downturn.

Sants, who took office today after being appointed to replace outgoing chief John Tiner, singled out the recent losses incurred by the two hedge funds managed by Bear Stearns, an investment bank, which were exposed to the American sub-prime mortgages market.

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