The National Audit Office this week released a treasury-commissioned report into the workings of the Financial Services Authority (FSA).

In the course of its investigations, the NAO assessed the "economy and effectiveness" of the regulatory body.

Several recommendations for improvement were made in the report, which economic secretary to the Treasury Ed Balls said had been met with "constructive responses" from the FSA.

He added that the body was "internationally well regarded" and said the report concluded it was "working well".

However, the British Bankers' Association used the release of the report to call for better financial regulation in the UK.

The BBA called for the FSA to improve the "calibre" and training of its staff and said it was pleased to see the recommendations for improvement that had been made in the report.

Angela Knight, chief executive of the BBA, said her organisation "welcomed" the report's conclusion that "there needs to be a more streamlined approach where the regulators cooperate".


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