During a recent speech, the Prime Minister Tony Blair criticised the Financial Services Authority for being seen as 'hugely inhibiting of efficient business'.
The regulator has written to the Prime Minister, challenging him to publish the evidence behind this attack to back up his comments. Both Downing Street and the Treasury claimed that the comments were misinterpreted, and that he was merely referring to the perception that businesses have of the Financial Services Authority.
Our view
The FSA has a difficult job. They are damned if they regulate harshly and damned if they have weak regulations and people get poor financial products or advice.