Financial watchdog's chief pans 'opaque' accounting practices used by banks, at Treasury Committee meeting
Accountancy Age, 12 Dec 2007
The head of the Financial Services Authority has severely criticised off balance sheet accounting frameworks used by banks.
Addressing the Treasury Committee yesterday, Hector Sants highlighted the 'opaque' off balance sheet practices which made it difficult for the FSA to discharge its remit of keeping the UK financial system in check.
As the fallout from the sub-prime crisis continues to hit the UK's financial instutions Sants addded that the situation 'needed to be addressed.'
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