Captured regulators

[swynn]

The TSC is continually saying the regulators "made mistakes" and need to "learn lessons", as in the report:

http://www.publications.parliament.uk/p ... 82/582.pdf

"The Financial Reporting Council (FRC) decided not to investigate the auditing of HBOS in 2013, well before the completion of the final HBOS report. This was a serious mistake. The process by which it reached its decision suggests a lack of curiosity and diligence."

This was deliberate rather just "a serious mistake". It suggests the FRC is captured by the firms it regulates rather than "lack of curiosity and diligence".

[swynn]

The TSC is continually saying the regulators "made mistakes" and need to "learn lessons", as in the report:

http://www.publications.parliament.uk/p ... 82/582.pdf

"The Financial Reporting Council (FRC) decided not to investigate the auditing of HBOS in 2013, well before the completion of the final HBOS report. This was a serious mistake. The process by which it reached its decision suggests a lack of curiosity and diligence."

This was deliberate rather than just "a serious mistake". It suggests the FRC is captured by the firms it regulates rather than "lack of curiosity and diligence".