It is wrong to invest in the executive of the FSA such draconian powers, without there being some form of check and balancing to ensure the rights and interests of customers are protected. Someone needs to be held accountable for this mess.
Ned Naylor, IFA
Once again, the FSA acts like a medieval robber baron. Sending out raiding parties to exact tributes (sorry “fines”) or just to destroy the farms (oops, firms). The FSA has a two-pronged strategy to try to deflect attention and criticism from its part in the financial crisis. The first is to thrash around and make itself look big and powerful by issuing fines, closing down firms, banning brokers etc. The second is to tell us that, despite its own total failure in this area, it is the organisation that knows that more regulation is the answer. What utter rubbish.
Jim Payne, JPA Mortgages
If its mammoth failure to regulate the banks proves anything, it is that the whole concept of the FSA is misguided. We need to have a completely independent regulator that is not beholden to the Treasury to regulate banks and go back to having separate regulators for insurance and investment companies and IFAs, as we had in the days of Lautro and Fimbra, but this time they should not be self-regulating. Only then will we get real regulation that might investigate nonsense like the Arch/Cru fiasco before it happens. Solicitors, estate agents and accountants should be banned from providing “incidental” financial services. I know a little bit about some areas of the law, does that mean I can offer incidental legal services?