Concern over Banking enquiries reinvigorates calls for public inquiry into the failure of financial regulators

David Cameron, the Conservative leader, has called for a public inquiry into how financial regulators failed to spot the collapse of banks including Northern Rock and the risky lending practices that led to the current credit squeeze.

Commentators have made allegations that the enquiries which have taken place are purely cosmetic.  Writing in the Guardian, Prem Sikka opines, "the pseudo-investigations into the banking crisis are being run by firms with a history of unsavoury financial arrangements" and added his voice to the Conservative leaders that, instead "a cosmetic investigation there should be a public inquiry into every aspect of the banking failures".

Sources:

http://www.guardian.co.uk/commentisfree/2009/may/05/banking-inquiry-fsa

http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/4789707/David-Cameron-calls-for-public-inquiry-into-banking-collapse.html