FSA staff leave city offices for New York


Staff from the Financial Services Authority (FSA) are to leave their offices in London and visit New York to learn how the US managed the Lehman Brothers collapse, the Financial Times has learnt.

London’s inability to act quickly when dealing with the bank’s fall has damaged its international reputation.

“We need a more flexible and appropriate administration process in the unlikely event we get into the same situation again,” said FSA chief executive, Hector Sants.

The demise of Lehman Brothers is regarded as a pivotal moment in the current economic crisis.

Its collapse in September sent shock waves around the banking, financial and commercial property worlds.

There remains, however, some hope for Lehman’s workers – the bank has applied for assistance from the Pension Protection Fund to ensure they receive at least some of their promised final salary pensions.ADNFCR-1329-ID-18921936-ADNFCR