Remembering the Queen who called out the FSA

Matthew Connell

Matthew Connell

Back in 2012, HM Queen Elizabeth II asked if "complacency" had contributed to the financial crisis, during an informal conversation with Bank of England officials.

During her visit to the Bank, she also asked whether the then regulator the Financial Services Authority (FSA) "did not have the teeth" to respond to the crisis.

The Queen was responding to a briefing by a member of the Bank's financial services committee.

The FSA said the regulatory system had been completely changed since 2008.

During her 70-year reign, the Queen saw many regulatory regimes come and go, shown her wisdom in carefully counselling those whose decisions shape our health and wealth and appointed 15 prime ministers.

Throughout her reign, she showed a unique ability to turn threats into opportunities and used new firms of media to connect with her subjects in a way that her predecessors could scarcely have imagined. 

In 2020 the Chartered Insurance Institute, the Royal Charter professional body which the Personal Finance Society is part of, became an accredited member of the Commonwealth by joining the category of Professional and Civil Society Organisations.

Membership saw the CII commit to the Commonwealth’s 16 values and principles, which included a strong focus on gender equality and facilitating access to the profession for people from all backgrounds.

Queen Elizabeth II was the patron of the CII and acted as the head of the Commonwealth for more than 40 years. 

Other values and principles held by the Commonwealth include commitments to democracy, human rights, tolerance and respect, freedom of expression, good governance, and protection of the environment.

As the leading professional body for the personal finance profession, we were proud to commit to the shared set of values championed by the Commonwealth and made the step, out of respect for the many years of commitment from our Patron, Her Majesty the Queen, and now her successor, Prince Charles.

The Queen had been a leading light encouraging organisations towards a Commonwealth which utilises its strengths, pursues the common interests of its members, and seizes the opportunity to help them and others to shape a better world.

She set the standard for future monarchs to follow.

Matthew Connell is director of policy and public affairs of the Personal Finance Society