General   (General discussion, talk about anything.)

Anne

The financial sector was governed by the Bank of England until Gordon Brown split the responsibility into The B of E, the Financial Services Authority and the Treasury. The resulting set up didn't regulate effectively leaving too many ticking time bombs to go undetected. Nobody really knew who was doing what. He has since admitted it was a mistake.
The Financial Services Compensation scheme did cover all public bank deposits up to the limit in force. If you had more than the limit in one bank, or a group with more than one bank , you lost the difference.