The changes proposed to the supervision and management of banks by Conservative Shadow Chancellor George Osborne are certainly to be welcomed. There is no doubt that the Financial Service Authority failed - and failed abysmally - to control banks and other financial institutions during the crisis which wiped out several major banks and led this country and many others to the financial peril we face today. Like them or loathe them banks are needed to ensure the financial probity of any state. When banks were allowed to take on risks that certainly were not prudent and certainly were well beyond an acceptable risk level the likelihood of failure was clearly evident to see and the FSA completely failed in its duty of care. We already see that some banks are already beginning to suggest mortgages that far exceed the value of homes - and 100% plus mortgages are being offered. Whilst this is a specialist market it cannot be allowed to continue. The British taxpayer is a major shareholder in several of the big name banks - we cannot afford another financial blow to the security of our future. Taxpayers will be paying for many years to come for the current recession and for baling out many financial institutions. Tight fiscal control of lending institutions will ensure that we will not face another financial crash - I understand that in the continent most mortgages on private property were limited to 75% loan to value and perhaps for the forseeable future this may have to be the way forward locally. The acceptance of non-verified salaries and wages by self certification is another area that needs to be carefully examined. There is no point in granting a mortgage to anyone who in reality cannot afford to repay. Change is clearly needed and sooner rather than later - we are already closing the stable door after the horse has well and truly bolted.