Queen brands FSA 'toothless'

clock

The Queen has spoken about "lax" City workers and a banking regulator which "did not have the teeth" to intervene as she discussed the causes of the financial crisis during a visit to the Bank of England.

Her Majesty suggested the financial crisis of 2008 had happened because the FSA "did not have the teeth" to rein in the biggest risk-takers, the Daily Telegraph reports. The Duke of Edinburgh, meanwhile, had a typically blunt piece of advice for the Bank's executives: "Do not do it again!" The Queen and the Duke grilled Bank of England staff during a visit which included a tour of a vault stacked with £27bn worth of gold bullion. Suit Kapadia, one of the Bank's financial policy experts, said he wanted to answer a question the Queen asked academics at the London School of Economics ...

To continue reading this article...

Join Investment Week for free

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

More on Investment

Partner Podcast: What clients really want from their managers

Partner Podcast: What clients really want from their managers

Listen to the latest postcast with Honor Solomon, CEO for EMEA and Head of EMEA Retail Sales, at AllianceBernstein

Honor Solomon, CEO for EMEA and Head of EMEA Retail Sales, at AllianceBernstein
clock 22 July 2025 • 1 min read
Dimensional's Kaitlin Hendrix: Counting the cost of index rebalancing

Dimensional's Kaitlin Hendrix: Counting the cost of index rebalancing

Reconstitutions can hurt returns

Kaitlin Hendrix
clock 18 July 2025 • 4 min read
Event Voice: Stepping out of cash into the Credit Sweet Spot

Event Voice: Stepping out of cash into the Credit Sweet Spot

Peter Marsland, Fixed Income Investment Specialist, from Aberdeen discusses the Short Dated Enhanced Income Fund at the June Fixed Income Market Focus.

Peter Marsland, Fixed Income Investment Specialist
clock 08 July 2025 • 4 min read
Trustpilot