Britain's main financial regulator yesterday launched a bold attempt to seize the initiative in the debate over the future of financial regulation.
The long-awaited review from Lord Turner, chairman of the Financial Services Authority, is probably the most comprehensive attempt yet to set out a detailed blueprint for regulatory reform in the wake of the financial crisis.
Though the FSA's authority is limited to the UK, Lord Turner's report sets out possible responses to a host of international issues, ranging from the appropriate level of capital for banks, changes to accounting standards and the role of credit rating agencies, and the level of pan-European regulation required to preserve a functioning single European market for financial services.