Turner: Time to put 'damaged' FSA reputation behind us

The imminent division of the Financial Services Authority (FSA) into two regulatory bodies presents an opportunity to leave the FSA's "damaged reputation" in the past, its chairman, Adair Turner, said today.

In a speech at the regulator's annual public meeting, Turner said inadequate regulations agreed by central banks and regulators across the world, combined with the "intellectual delusions" of many "apparent experts", had conspired to cause the financial crisis. He said deficiencies in the FSA's approach had played a part, but added that, of all the institutions guilty of pre-crisis failings, the FSA had been the most prepared to admit to them. From April next year, the FSA will split into two regulatory bodies: the Prudential Regulation Authority (PRA) and the Financial Conduct Author...