FSA gets tough on risk
It has been demonstrated that firstly, albeit with the benefit of hindsight, there are some management decisions that have revealed a degree of incompetence, and at times a rather cavalier approach regarding risk management; secondly regulators must be careful not to place excessive reliance on senior management judgements; thirdly, the necessary challenge was missing from governance structures, in particular boards, and finally there may well be questions that can reasonably be asked about the openness and thus, arguably, the integrity of firms dealings with regulators, shareholders and their customers.