FSA's Sants heralds "supervisory revolution"
Limitations of a purely principles-based regulatory regime have to be recognised, Hector Sants, the chief executive of the Financial Services Authority (FSA), the British industry regulator, has conceded.
Sants said that the FSA wanted to be a more "outcome-focused" regulator. He said that in the past it was not seen as a function of the regulator to question the overall business strategy of the supervised institution or the possibility of risk crystallising in the future. He said that the FSA
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