Sants: Take Place A Lot Of Cheating In The Market United Kingdom
In first interview since announcing his intention to resign in the summer after three years in the position up, Hector Sants has also revealed that the FSA or the Financial Services Authority would be expanded to more than 10pc and employs 460 staff and others to perform the role of a new investigation.The expansion will be funded by an increase of ? 41 million on a budget of regulators to ? 455m.?There is a high level of abuse is acceptable to markets in the United Kingdom,? he said at the people in the deal and the manipulation of the market. ?We must work to reduce it.?There is no evidence that the United Kingdom market is worse than the major financial centers of the other, but I don?t think that it should be our benchmark.?We should have benchmarks market participants really can believe that it?s clean and fair, and as a test of the public, I think that if you asked the participants of the market, they will share your views with me that there is too much abuse of the market.?Sants comments came after 21 months in jail FSA dropped to Malcolm Calvert, a former head of market makers in the stockbrokers Cazenove, following the overthrow of the punishment for the lack of insider trading in the prosecution of the largest FSA until now.The Chief Executive of the FSA will explain how regulators will use the new staff in the launch business strategy this week.Staff will consist of the Attorney investigasiserta expert in capital requirements and macro-prudential.That plan will reveal that the FSA would be far more pro-active and will also handle what Sants has been describe as ?cultural? high risk from the financial services sector.Angela Knight, Chief Executive of the British Bankers ? Association, warned that although banking was keen on reform, the pendulum should not be pushed too far.?The United Kingdom has made changes to the rules more so than any other country,? he said in an article for The Sunday Telegraph.?I know it?s easy to describe bankers such as reluctant to go and depending on the status quo-banking are in the table, however, for a change. However, we need to look before we leap. ?Details of the changes in the FSA comes after Sants reveals a new approach to consumer protection, said last week that he would test the financial products to support, for example, mortgage or debt before they launched the company, rather than trying to pick up the pieces after a fall.On Friday night in a speech at the Said Business School at Oxford University, Sants says the FSA will follow an approach ?based on the results of financial services regulation to? to replace the regime in many different ways, called the ?light touch? regulation ?or? principle-based.Compensation efforts, which is currently focusing on insurance, payment protection will continue, but the Sants also promises ?intensive surveillance?, with the goal to stop potential problems before they get out of control, through the involvement of staff of FSA plan new products and strategies.?People tend to say the FSA make mistakes,? he said. ?But in fact the FSA simply does not do certain things. This does not mean that we are trying to make judgments about the future and that their judgment was proven wrong; This is indeed a bit that we do not make any judgment at all.?We responded to the facts in the field, to observe the events. We do not make judgments about the future. ??What we did in the past is totally different than what we do now.?Ten years ago, the FSA only has a 2,030 staff and a budget of ? 196m but the latest expansion will increase the number of employees from 3.240 to 3,700, Sants said a new approach with different needs the skills and expertise on what yangbiasanya found in the labor force.About 100 new members would be required to assess the implications of the United Kingdom will Solvency II insurance project of the European Union, which will be the largest project the FSA has done, at a cost of ? 100 million internal regulator-150 million over five years. These costs will be borne directly by the insurance company United Kingdom.The FSA has been attacked for failing to predict the biggest financial crisis since the 1930s, with the Treasury Committee Chairman John McFall, Selected, commented in relation to Northern Rock that ?apparently the FSA systematically have failed in their duties?.However, in the event the Oxford Word Sants was that the Committee, like society in General, seems to have a different concept of what the FSA had intended to do.?Committee of the Ministry of finance Was thought we do this and the men and women on the street we also think that like that,? he said about the demand for a more interventionist approach.?So I said to my staff: If this is what they think we did, that?s what we will do. Then we cannot be criticised for not doing it. ?
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