New RBS chairman defends his record as regulator
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INCOMING Royal Bank of Scotland chairman Howard Davies has defended his role in setting up the financial regulator that presided over the near meltdown of Britain's banking system.
Mr Davies was a surprise appointment to succeed Philip Hampton as chairman of state-controlled RBS after the Financial Services Authority (FSA) he set up in the 1990s was widely criticised for inadequate supervision of banks in the run-up to the 2007-9 financial crisis. The FSA was subsequently disbanded.
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