The Financial Services Authority (FSA) published its Turner Review, a report on recommendations for reforming the U.K. banking system and the rest of the global financial markets. 

The review identifies three underlying causes of the crisis: macro-economic imbalances, financial innovation of little social value and important deficiencies in key bank capital and liquidity regulations. These were underpinned by an exaggerated faith in rational and self-correcting markets, says the report.

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