Date: 2011-12-05 06:35 pm (UTC)
From: [identity profile] octopoid-horror.livejournal.com
For some financial companies, depending on the precise nature of their business, then the responsibility/oversight is actually mostly internal with the FSA really just the nominal sign-off but the actual serious checking is all really done internally. Depending on your point of view, of course, that could be good or bad.

Unless someone actively speaks out and decides to approach the FSA, or a company fucks up (or is in such dire straits that they can't hide it any more), the FSA will see mostly what a company want them to see.

I would characterise the FSA as being there to tell companies what they should be doing, and to step in when it becomes obvious that they haven't been doing it, but oversight gives a slightly false impression to what I understand the reality to be. Oversight implies actual monitoring to me, but I guess it could just be a (handy) different way of using language.

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