Queen brands FSA 'toothless'

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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 ...

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