UK parliamentary commission attacks regulators’ ability to hold bankers to account

Enforcement: FSA questioned by parliamentary commission

The integrity and competence of the the UK's financial services authority (FSA) were questioned yesterday by the UK's Parliamentary Commission on Banking Standards, as it grilled the regulatory authority's head of enforcement and the Bank of England's chief legal adviser on how banks' misdemeanours are reported and investigated.

Tracey McDermott, the FSA's head of enforcement, fended off the commission's questions on whether the FSA had become subservient to those it was regulating.

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