FSA calls for culture change

Link to the article: Channel 4

Last Modified: 18 Mar 2009
By: Faisal Islam

The head of the Financial Services Authority, Lord Turner, calls for "profound" changes to bank behaviour and tougher regulation for hedge funds.

He also raised the prospect of regulating individual mortgages and reining in the culture of City bonuses and excessive pay, curbing reckless lending and excessive risk taking.

The city watchdog has set out plans to overhaul British banking rules and avoid another financial crisis.