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We have a totally unfair and inadequate system of regulation which allows the FSA to ride roughshod over what was, before its actions, a perfectly sound financial company, which is now the subject of a bidding war to gain control of its clients, much to the disgust of IFAs all over the country.

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?

Alan Harris,

Harris Investment


Race report rocks regulator

The FSA has admitted a “small number of individual problems” after a leaked internal report identified a racist culture at the regulator.

Global bank losses amount to $25 trillion

Total global losses from the financial crisis amount to $25 trillion (15 trillion), according to an estimate from the Bank of England. Balance sheets of banks internationally remain weak and leverage high, leaving them sensitive to future shocks. But the news in the Banks latest Financial Stability Report is not all bad. Market conditions have […]

Register office

PIMS has been and gone and the world has been put to rights. The market now awaits the findings of the FSA with the retail distribution implementation plan consultation paper.


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