FSA Abolished

[Eric Mc]

Another regulatory body bites the dust. There is now a veritable graveyard of defunct financial regulators -

FIMBRA
LAUTRO
PSA

and now the FSA.

[sonic_2k_uk]

Considering the poor job they did, i'm assuming this is a good thing?

[JagLover]

The FSA concentrated far too much on box ticking but let banks become dangerously overexposed by forgetting the big picture.

It was the Labour way of government. Thousands of extra administrators, massively increased burden on FS businesses. No increase in effective regulation.

[E55 Max]

FIMBRA were never any good. Hence the Nickname, fk It My Broker's Run Away!

[Adrian W]

All they are going to do is hang a new sign over the door............window dressing!

[turbobloke]

Next entity - didn't the BoE get the ticket? If so that's the next entity but it's an existing one with known attributes...

[Great Pretender]

sonic_2k_uk said:

Considering the poor job they did, i'm assuming this is a good thing?

Back in 2004, I wrote a thesis about the FSA and all the 'good' it was supposed to bring about (I can only assume my professor was as red as a London bus). Despite the predetermined political leanings, I could only conclude that the whole body was a crock of st and the 'powers' they had were as useful as tits on a fish.

Contrary to his warnings I got a good grade for it.

[andyjo1982]

So whos gonna take it over then? I work in insurance and in sales my job has so much red tape. So many scripts to read and so much near pointless info to inform the client before they start a policy. Is this likely to change or is this aimed more at the banks?

[Tiggsy]

Eric Mc said:

Another regulatory body bites the dust. There is now a veritable graveyard of defunct financial regulators -

FIMBRA
LAUTRO
PSA

and now the FSA.

Can i get a vowel and two consonants?

[Eric Mc]

The alphabet soup of regulators who have come and gone over the past two and half decdes have all been created and destroyed at the whim of politicians. All this has done is created needless, inneffective and extremely costly bureaucracy.

I think the FSA should remain but undergo a complete internal overhaul.

[Trommel]

anonymous said:

[redacted]

Lots of ex-BoE still there now with great pensions and holiday entitlements.

[turbobloke]

andyjo1982 said:

So whos gonna take it over then?

BoE gets the regulatory job afaics.

[andyjo1982]

So those companies that are not banks but still regulated, will they be affected much then? Will anything change for us on a day to day basis as such?

[thinfourth2]

Does this mean i don't have to listen to 20 minutes of pre recorded bks everytime i phone anyone about anything even remotely to do with money