New banking revelations prove FSA has failed in its basic role

The revelations about banks mis-selling financial products which have indirectly ruined hundreds of small businesses and threatened the viability of others is bad enough in its own right ("Scots firms due millions after banks' mis-selling", The Herald, June 30).

But more significant is the fact the banks themselves must have known the situation they had created and either ignored it or deliberately persisted in profiting from its existence. One wonders whether the same banking principles were applied to inter-bank loans or loans to multinational firms.

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