BREAKING NEWS

UK financial watchdog admits reform needed

By REUTERS

DECEMBER 8, 2011 01:40

LONDON - A senior regulatory official in London's financial district on Wednesday told anti-capitalist protesters camping outside St Paul's Cathedral that the financial system "needs to change".

Hector Sants, chief executive of the Financial Services Authority (FSA), which regulates banks, held private talks with about 10 representatives from the London Occupy group to discuss financial reform.

"The FSA is very firmly of the view, I am firmly of the view, that it is very important we listen to everybody who wants to contribute to the debate about changing the financial system," he said after the hour-long meeting.

"We undoubtedly believe the financial system needs to change further. It has already changed a lot, but it should change further."

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