Off balance sheet on FSA agenda
Financial watchdog's chief pans 'opaque' accounting practices used by banks, at Treasury Committee meeting
The head of the Financial Services Authority has severely criticised off
balance sheet accounting frameworks used by banks.
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.’