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Shrinking the City

Adair Turner, chairman of the Financial Services Authority, tells Prospect that European weakness threatens Britain’s banks. We can make them safer, but not safe

By Bronwen Maddox   January 2012

Adair Turner: “light-touch” regulation was too light

Read the full transcript of Prospect‘s interview with Adair Turner here

In a financial crisis described as the most dangerous since the 1930s, three questions stand out. Should those in charge of banks have done more to prevent it? Can politicians and regulators defuse the escalating threats—and prevent a repeat? And is it possible to regulate banks successfully at all?

Adair Turner, chairman of Britain’s Financial Services Authority (FSA), the watchdog for the financial sector, acknowledges the pressure of those questions. The authority, he argues, was “an inheritor of a sort of 50-year…

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