UK: more 'intrusive' regulation from the FSA

Today's Financial Times newspaper contains an interview with the FSA's chief executive, Hector Sants. Mr Sants states: “We do want to have a somewhat more intrusive approach to regulation ... The policy framework has failed us to some degree. But we need to understand that in addressing that, we will only be part of the process. ... We are acknowledging that we could have challenged those business models [of banks such as Northern Rock and Bradford and Bingley] more before they went into the downturn.”