FSA's Turner warns about the role of pan-European regulators

09/16/2010 | Reuters

Adair Turner, chairman of the U.K. Financial Services Authority, said pan-European supervisory agencies can be useful in ensuring that all rules are implemented equally, but they should not get involved in the day-to-day oversight of the industry. Turner said it is "vitally important" that the agencies, to be created under EU rules, do not have direct supervisory power.

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