According to David Kenmir, head of investment firms at the FSA, at least one and possibly two household name financial firms will fail in the next year or two.
Mr Kenmir was speaking at a conference in Scotland when he made the comments, although another spokesperson from the FSA said that Mr Kenmir was talking generally about the economy, rather than about specific firms.
We are not surprised at the comments made and Mr Kenmir was probably being a lot more honest than the FSA would have liked him to be. There has been (and still is) much speculation about the financial stability of many companies and that is why choosing the right one is so important.
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