The FT reports that the FSA is trying to live up to the stated wishes of its CEO, Hector Sants, when he stated last month that people "should be very frightened" of the FSA.
The paper goes on to quote Tony Woodcock, partner at Stephenson Harwood, who said that he and his colleagues had come across cases where applicants were summoned for taped interviews, often with a member of the FSA's enforcement team present.
Quote:
"We have been left asking ourselves why this was thought to be necessary.
It inevitably causes delay, sometimes to the point of wrecking or risking the wreck of a transaction."
All very well but the FSA shutting the stable door after the horse has bolted, and trying to look intimidating is not the solution to a fundamentally flawed tripartite regulatory system.
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