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Regulation is vital to keep firms on track

MARY Dejevsky (DebateNI, November 25) is quite right to link the failures at the Co-operative Bank to the culture of cronyism. However, another wider question is why more has not been done to oversee how businesses are run.

For many years, the Financial Services Authority (FSA) was held up as a model of good practice. Other regulators were instructed to follow the FSA's "light touch".

The original banking crisis showed what a failure this was. Five years on, many financial bodies still have directors who are highly paid, but not qualified for the job.

Of course, these failures of oversight do not only apply to the financial sector. Good regulation is important – not only for the wellbeing of employees and customers, but to protect investors.

N LONG

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