FSA says cheap credit era is over

The head of the Financial Services Authority warned on Wednesday that the age of cheap credit may be over.

In an interview on BBC radio, Hector Sants, chief executive of the regulatory body, said he did not think financial markets would return to where they were before the global credit crunch which caused turmoil across world markets in recent months.

"I don't think markets are ever going to return to the way they were," Sants said. "The idea that at some point they will go back to normal, I think, is a misnomer.

"The new normal will be different from the way that markets behaved in the past."

Sants said he believed banks would revert to more old-fashioned and straightforward ways of lending, and would retreat from more complicated products which allow them to package and sell on cheap loans. This, he said, could mean the costs of borrowing for consumers was likely to rise.

"Banks themselves need to give consideration to how their business models will need to adapt to the changed market circumstances they have seen," he said.
News
Young people increasingly open to faith and God, research finds
Young people increasingly open to faith and God, research finds

"The time is now. It is urgent," said lead researcher Laura Hancock.

Israeli shelling hits Gaza’s only Catholic Church, killing three and wounding 10
Israeli shelling hits Gaza’s only Catholic Church, killing three and wounding 10

In a rare move, the Israeli Foreign Ministry posted an apology on social media.

Fresh attacks on Christians in Syria after deadly church bombing
Fresh attacks on Christians in Syria after deadly church bombing

Can anyone bring peace and order in Syria?

UK government targets 10 countries to protect believers – but have they made the right choices?
UK government targets 10 countries to protect believers – but have they made the right choices?

As Christians face increasing numbers of attacks across the world, the British Foreign Office is to target 10 countries in a bid to get them to improve their record on protecting freedom of religion or belief (FoRB).