NAO promises “hard-hitting” FSA review

The head of the National Audit Office (NAO), Sir John Bourne, has promised that its review of the Financial Services Authority (FSA) will be “hard-hitting”. In an interview with the Financial Times recently Sir John dismissed concerns that the review, commissioned by the Treasury in the summer to look at “the economy, efficiency and effectiveness with which the Financial Services Authority has used its resources when discharging its statutory functions”, would fail to tackle the industry’s main concerns about cost and the burden of regulation.