FSA – still not fit for purpose?

How can it be that this far into Britain’s financial crisis, yet another building society is in trouble?

Tonight the West Bromwich Building Society’s future hangs in the balance as it fights to find extra financial resources to keep going.

But how has the FSA, if it has been doing its job, allowed matters to get this far? Needless to say, they don’t want to talk about it.

It surely poses the question tonight whether the FSA, which so ill served the British financial system in the lead-up to the meltdown, is yet fully fit for purpose.