It has not always been so reticent. There are two good examples of the FSA investigating its own performance and then publishing the reports, the first of which relates to Equitable Life.Chopard IceCube CH-5 Equitable Life closed to new business on December 8, 2000, there was a debate in the House of Commons. During that debate on December 19, in response to concerns voiced by MPs, the then economic secretary to the Treasury reported that the FSA would carry out a review of events that led up to the company's decision to close to new business.The review would cover the period before the FSMA came into force, during which the FSA was acting on behalf of the Treasury as prudential regulator.
That report, running to more than 200 pages, was published in full in October 2001. In its conclusions, the report stated that by the time the FSA became responsible for the regulation of Chopard Lady Quartz Watch CH-45 company, "the die was cast" and nothing the FSA could have done would have made a material difference to the final outcome.But the report went on to say that there were "a number of things which the FSA could have done better. There were occasions when both the prudential and conduct of Chopard Mille Miglia Alfa Romeo CH-20 regulators did not spot issues to be addressed or, having spotted them, did not follow them up."One of the recommendations in the report was that the FSA should "be prepared to act more proactively to ensure that the interests of the customer are properly protected". In other words, the FSA should take action when necessary to protect customers.
The second example relates to Northern Rock.After the failure of Northern Rock, the FSA's internal audit department carried out an inquiry and published a report of more than 130 pages which Chopard Mille Miglia Alfa Romeo CH-77 that the FSA should have done better.On the same day as the principal conclusions of that report were published, FSA chief executive Hector Sants issued a response in which he said: "As we have already made clear, the failure of Northern Rock should first and foremost be attributed to the failure of its board and executive to create a durable funding model which could withstand the exceptional set of market circumstances that occurred in summer 2007.
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