The Times reports that Lord Turner, the Financial Services Authority (FSA) chairman, said that aspects of the current regulatory system for banks and other institutions were "seriously deficient".
No kidding?
The failure of our regulatory system is as result of the tripartite structure, whereby the Bank of England, FSA and Treasury all have a role in regulation but no one knows who is actually in charge or who takes ultimate responsibility.
Gordon Brown created this seriously flawed structure over ten years ago.
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