The Financial Services Authority (FSA) has been rapped on the knuckles by the National Audit Office which, in a report published today, says that the FSA needs to coordinate its work better with other international bodies so that it can better oversee how multinational financial institutions operate.
In other words, it doesn't have a clear insight into the working of international organisations.
Needless to say Treasury Minister Ed Balls ignored the conclusion and plastered over the findings, by using the well worn phrase of all politicians who didn't want to have a review in the first place:
"I welcome today's NAO report."
How I loath the insincerity of that expression.
Balls went on to say:
"The report shows that the FSA is working well and is a world leader in a number of areas, which can only be good for the competitiveness of the U.K. financial-services sector."
Amazing how politicians can distort the message!