Comments on: 5 Senior FSA officials fall on their sword over Northern Rock.

By: granville

granville — Fri, 14 Mar 2008 10:52:44 +0000

There is only one organisation more scandalously useless than the FSA, and that is the FoS. Imagine my delight when I recieved the forms to renew my CCL license and the fee had gone up from about £30? to £285! This largely because of a levy for the FoS for some sort of CCJ fund. Why should I pay for problems with peoples CCJs?
I have had a number of clients have recourse to the FoS, and every one of them has given up after a year or two of delays and burocracy. They have to get on with their lives.
When I met Alistair Darling before New Labour were elected (he was spokesmamn on Insurance matters) he assured me that if elected he would tear up the Financial Services Act. Time he did!
It is a pity that all our ruling politicians are so comprehensively useless. If you watch the parliamentry sessions and the select comittees on television you will be reassured to see that there are many capable and knowledgable MPs in the house. It appears that none of these has the arrogance to seek Cabinet office.
On the subject or arrogance, it is worth remembering that the Northern Rock problems are entirely due to the Mad Woman. She did away with the Building Societies Act. Before that the Financial industry was regulated by the Board of Trade, the Inland Revenue and Occupational Pensions Board. These three were obliged to inspect financial organisations every quarter (which they didn’t always do, notably in the case of Mirror Group pensions).
How do we get capable people to represent us? I have been voting for more than 40 years, and my vote has never counted because I have never voted for anyone who has suceeded in being elected!

By: Rodders

Rodders — Wed, 12 Mar 2008 12:31:50 +0000

Harry Katz - A very balanced view, but we must not forget that the people at the top of the FSA are being paid several £100,000’s of pounds salaries and even more in pensions and benefits, so dont feel to sorry for them. People should be paid on performance!!!!!

I bet you the average salary at canary wharf is considerably higher than the national average ?

By: Harry Katz

Harry Katz — Wed, 12 Mar 2008 11:35:42 +0000

It’s easy to bash the FSA and in truth sometimes they deserve it and are their own worst enemies. But I have to admit to feeling sorry for them.

They are the Government fall guys. We had self regulation. Then these clowns who call themselves the Government came along and invented the FSA. A very cunning stroke. If things went well (fat chance) they could point to canary Wharf and say – see we’re doing a good job.

If the mess hit the fan those mendacious so and so’s in Westminster could distance themselves by saying ‘It ain’t us – it’s the Independent Regulator’.

And all the while it costs the Treasury nowt – we pay!

They (The FSA) have been given a mandate which is far too large. The idea of regulating a tiddler like me and the Nat West in the same organisation is nonsense. They then have the onus of ‘educating the public’. That means educating those that the State System has failed. Why is that their responsibility and why should we pay for it. It should be the Education Dept that does this.

By now I’m sure you get the drift – The FSA certainly has faults, but the villain of the piece is down the Thames at Westminster. They (in theory) are answerable. Let’s see what happens at the next election

By: DAVID WILSON

DAVID WILSON — Mon, 10 Mar 2008 13:58:05 +0000

We do not know who the 5 are - they could be high paid cleaners who probably do a good job because I believe there is a lot of verbal diarrhoea to clear up every day down there in Canary Wharf- IT SHOULD BE THE CAPTAIN OF THE SHIP THAT TAKES THE REPRIMAND -

I have just fallen foul of The F.O.S - after 35 years in the financial services arena-they have just made me A NO LONGER A FIT AND PROPER PERSON TO TRADE - WHY? I WOULD NOT/COULD NOT COMPLETE A PENSION MISS SELLING CLAIM AGAINST ME BECAUSE I FEEL THE OMBUDSMAN HAVE GOT IT WRONG-

SHOULD NOT THE TOP PEOPLE TO BLAME FOR THE NORTHERN ROCK
DEBACLE NOT BE GIVER THE SAME AWARD AS MYSELF - NO LONGER A FIT AND PROPER PERSON

By: Jim Payne

Jim Payne — Mon, 10 Mar 2008 13:01:48 +0000

So some six months after the NR debacle started 5 ’senior persons’ at the FSA have had a sudden attack of conscience! I don’t think we need ask ‘did they jump or were they pushed?’ The answer must be that they are being put forward as a sacrifice by the FSA trying to show that it is getting a grip! If so then we need to know what severance package are they getting and who will pay for it? Perhaps any severance payments should come out of the salaries of the top 5 people at the FSA!