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Broker Talkback

Do you think the report into the FSA’s failure to properly supervise Northern Rock will lead to improvements in how it regulates the industry?

Yes 50%
No 50%

No

“Unfortunately, they just do what they like. I think the FSA failed miserably. I do not think the report will make any difference to the way they do things.”

Alan Thompson, Alan Thompson Financial Services

Yes “The systems will get tightened up but it is not going to be solved in five minutes. You have got to give the FSA time to give it the manpower to a job like that.”

Richard Barratt, Richard S Barratt

Yes “It will probably improve regulation at the banking level. But the FSA has too big a remit and will no doubt use another sledgehammer to crack a nut and make things stricter for IFAs.”

Martyn Evans, Evans Ash Financial Services

No “The FSA’s remit is too vast. Banks should be regulated by the Bank of England. The FSA does not have enough staff and it would have a tough time recruiting quality people. I have no confidence it will do a better job in future.”

Gregory Wheeler, GL Wheeler & Co

No “It will just get more heavy-handed and over-regulate. That is how the FSA deals with problems rather than getting to the source, which is the banking sector.”

Peter Grant, Weybrook Financial Management

Yes “I don’t think it can face a repeat of what happened. It was very embarrassing for the regulator.”

Peter Bottomley, Bridgwater Leach & Co

No “I don’t think it is going to improve, even at the grassroot level.”

Paul Fielding, PMS Financial Services

Yes “The frankness of the FSA’s internal report suggests that there is a commitment from within the organisation to address the issues which led to Northern Rock’s collapse last year.”

Graham Legg, Heritage Financial Services

Money Marketing welcomes readers’ letters for publication which should be sent to: The Editor, Money Marketing, 50 Poland Street, London, W1F 7AX. Letters can also be faxed on 020 7943 8097 or sent by email to:john. lappin@centaur.co.uk

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