8 September 2005
Irresponsible lending could lean to problems in the loans market, the UK's financial watchdog has said.
In a speech last night, John Tiner, chief executive of The Financial Services Authority (FSA), said that banks needed to be more prudent when deciding to whom they should lend and to whom they should not.
Mr Tiner said: "We have the feeling that the market is getting increasingly nervous, prompting the question: which deal will be one too many, and who will be left holding the pieces?"
But he warned against over-regulation as the solution in the hope that common sense would prevail: "Allowing competitive forces to operate more freely is, I believe, the best way to ensure banks become, and remain, efficient and can carry out their strategy without constraint."
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