Lord Flight hits out at FSA's ‘tough guy, macho' approach

Lord Flight has continued his broadsides against the Financial Services Authority (FSA), criticising it for taking a "tough guy, macho" to compensate for past failures.

The Conservative peer, who has recently been vocal in his opposition to the Retail Distribution Review, made his comments during the latest debate on the Financial Services Bill in the House of Lords. He was speaking on an amendment calling on the new regulators to act "proportionately, reasonably and fairly" in its investigations. "The reaction of regulators to being criticised for what were described as the failures of light-touch regulation have increasingly led to a much more tough-guy, macho approach by them," he said. "In turn, I find major, totally responsible financial serv...