Call for banks to make 'radical change'.Summary: The bankers who caused the global economic crisis have been told they must radically change the way they operate. The bankers who caused the global economic crisis have been told they must radically change the way they operate - if they are to regain public trust. Financial Services Authority The Financial Services Authority ("FSA") is an independent non-departmental public body and quasi-judicial body that regulates the financial services industry in the United Kingdom. Its main office is based in Canary Wharf, London, with another office in Edinburgh. (FSA FSA Financial Services Authority FSA Food Standards Agency (UK) FSA Farm Service Agency (USDA) FSA Financial Services Agency (Japan) ) chairman Lord Turner has warned against a return to business as usual and dangerous risk-taking. A year on from the near-meltdown of the financial system, he said British citizens would be burdened for many years with higher taxes or public spending cuts Noun 1. spending cut - the act of reducing spending cut - the act of reducing the amount or number; "the mayor proposed extensive cuts in the city budget" . He said the crisis was "cooked up in trading rooms where not just a few but many people earned annual bonuses equal to a lifetime's earnings of some of those now suffering the consequences". He added: "We need radical change. Parts of the financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. industries need to reflect deeply on their role in the economy, and to recommit re·com·mit tr.v. re·com·mit·ted, re·com·mit·ting, re·com·mits 1. To commit again. 2. To refer (proposed legislation, for example) to a committee again. to a focus on their essential social and economic functions, if they are to regain public trust." The FSA boss was speaking to high profile City figures in his Mansion House speech. Independent Television News Limited 2009. All rights reserved. Independent Television News Limited 2009. All rights reserved. Provided by Syndigate.info an Albawaba.com company |
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