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Is FSA a law unto itself?

Like many of my industry colleagues, I strongly suspect the reason the FSA has refused to release details of the legal advice it received over the 15-year long stop is that it did not actually take any. It was just an internal decision presided over by the mandarins at Canary Wharf without reference to anyone else.

What sort of lawyer would give advice to the FSA that it is either legally or morally defensible to deny one relatively narrow section of the population the same rights as apply to everyone else in the land?

Even if the FSA did seek such advice, then surely the question arises as to why it did so. The 15-year long stop rule is defined by statute – the law of the land that is supposed to apply to all citizens equally, without fear or favour. No one is supposed to be selectively excluded. So why, other than as part of a calculated campaign against the IFA community, would the FSA even want to seek advice on whether or not it would be able to get away with denying us the same rights of statute afforded to all other citizens?

And why is the FSA “unavailable for comment”? 2,800 people and not a single one of them available for comment on such a fundamental issue.

Julian Stevens

Harvest IFM


Banks steady FTSE

The FTSE 100 opened at 4,330 today and after a rollercoaster ride morning managed to hold onto gains in afternoon trades.

People on the move: Investment

F&C has appointed former Henderson chief executive Roger Yates as an independent non-executive director. Yates takes on the role alongside former chairman and senior partner of Pricewaterhouse- Coopers Kieran Poynter with immediate effect. He recently retired as chief executive of Henderson Group, a post he had held since 1999.


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There is one comment at the moment, we would love to hear your opinion too.

  1. Breach of Humar Rights and Breach of the Geneva Convention
    My take on it is very similar to that I was taught about Military Law over 20 years ago. You have to carry out every Legal Order of a superior, but you are legal obliged NOT to carry out an illegal order under the Geneva Convention. Could it be the lack of comment on the part of senior staff at the FSA is similar in that they hope we are ignorant of the possibility that they may also be held personally liable when or if it is proven that they have knowingley been aiding and abetting the breach of our Human Rights? It could be hilarious if they then try to hide behind the 15 year longstop if someone comes back at them personally!!

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