Britain’s Tripartite System of Regulation

Which splits responsibilities between the FSA, the Bank and the Treasury -- is widely seen to have failed in the run-up to the crisis, and the FSA itself has acknowledged mistakes. ants, however, has publicly criticized plans to overhaul the country's regulatory system at a critical time, warning it could mean losing lessons learnt over the past two years. Are Afraid Several industry observers paid tribute to the well-respected Sants, whose warning to bankers last March -- "be afraid, be very afraid" -- ruffled the feathers of a once powerful industry, and warned banks against any collective sigh of relief at his departure.” It’s a shame - Sants carried the can for failures at the FSA, but he did plenty of good stuff too," said James Perry, a partner at law firm Ashurst. "In some ways, he was an "old-style" appointment; in the post-Lehman world, we can expect a new leader who will take a more hard-nosed line with the market. Georgia protesters intensify push to oust President.

Thousands of Georgians took their campaign to oust Georgia's President Mikheil Saakashvili to his office on Monday, the fifth day of protests against his rule. Several thousand marched on the newly-built presidential residence that looks down on the Mtkvari River in Tbilisi, whistling and chanting "Misha, Go!” They pledged to stay there until Saakashvili, commonly known as Misha, resigns over his record on democracy and last year's disastrous war with Russia. Opposition leaders said they were shifting the focus of the campaign from the parliament to Saakashvili's office.” That way he will hear our voices much more loudly," said Kakha Kukava, one of several opposition leaders taking part in the campaign.