FSA warns new Euro regulator ‘don't interfere in UK'

Lord Turner, chariman of the FSA, said it was "vitally important" European financial supervisors did not intervene directly in the running of individual markets.

His comments came at the FSA's asset management conference follow an agreement earlier this month on the creation by the European Union of a set of regulators to oversee the region's banks, insurers, pension funds and broader financial markets, the Telegraph reports. "We are clear the fundamental process of supervision has to occur where expertise is, with the national authorities," said Lord Turner. The three European Supervision Authorities (ESA), which will be established at the start of next year, will oversee the implementation of EU financial rules by regulators in individual me...