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Public being driven into arms of the banks

The FSA has always been a quango of Gordon Brown’s Treasury and their only interest is boosting the empire at Canary Wharf.

Where were they when Equitable Life had problems, which are still not resolved because it will cost the Government money? Where were they when Brown raided the pension funds?

Where were they during the Northern Rock problems and the problems of the banks generally? The shareholders lose out on rock-bottom share prices that affect the value of pension funds. The FSA are supposed to be a watchdog. It would appear that we need a watchdog to regulate them.

For years, the banks have provided poor advice on financial services and complaints are 92 per cent against banks.

Yet the FSA are interfering with independent financial advisers’ pay and earnings’ structures, which is not their remit. They would like to see everyone pay fees but the public as a whole do not like paying up front and many cannot afford to, so the FSA’s RDR kicks in, telling companies how to pay, which will drive most of the public straight into the arms of the banks who are not trusted and are limited in the advice they give.

Finally, how hypocritical of the FSA to award themselves bonuses.

Cliff Linsdell

IFA, Newton Abbot, Devon

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