The former chief executive of one of Iceland's fallen banks has blamed regulators for the collapse of the country's financial system.

Tony Shearer ran the British-based bank Singer and Friedlander until it was taken-over by Iceland's Kaupthing in 2005.

He told Sky's Jeff Randall Live regulators failed to act on clear signs the Icelandic financial system was predicated on unprecedented levels of risk.

And he said it was "extraordinary" that the Financial Services Authority (FSA) did not do more to investigate the practices of Iceland's top banking executives.  26-Oct-09.

http://news.sky.com/skynews/Home/Business/Tony-Shearer-Tells-Skys-Jeff-Randall-The-FSA-Failed-To-Properly-Investigate-Icelands-Failing-Banks/Article. . .