The UK should employ "innovative and unconventional" policies to tackle the legacy of past policy mistakes, according to Adair Turner, the chairman of the Financial Services Authority (FSA) and one of the leading candidates to succeed Mervyn King as governor of the Bank of England.
Turner described the "light touch" regulatory environment in the run-up to the financial crisis as "a fool's paradise". He said the FSA's approach to supervision – before he became chairman in 2008 – had been "insuffi
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