Banks warn scrapping FSA will create 'accountability gap'

A number of the UK's largest banks have warned the proposed changes to the country's regulatory system - including the scrapping of the FSA - will leave too much power in the hands of small group.

The British Bankers' Association (BBA) has put together a working group to formulate an industry-wide response to the Government's proposals, reports the Telegraph. However, such is the concern, most major UK banks are expected to make their fears known individually. One source at a large UK bank said the lack of accountability was the biggest worry for the sector and would be the central complaint in responses to the Government's consultation on the new regulatory framework. Read more   BUSINESS confidence has fallen over the past three months, according to a survey, offering furt...