Lord Turner: FSA break-up unnecessary
Financial Services Authority chairman Adair Turner supports Twin Peaks approach “in theory” but argues benefits could have been achieved without breaking up regulator
Many of the benefits of a so-called "Twin Peaks" regulatory regime could have been achieved without disbanding the Financial Services Authority, the regulator's chairman said on Tuesday.
Twin Peaks refers to a supervisory approach in which the prudential regulation and consumer protection functions are housed in two separate organisations. The British government said in June that it planned to disband the FSA, re-house prudential regulation within the Bank of England, and create a new consumer
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