Trumpo watches the Governor of the Bank of England bounce the tough questions back onto the MPs

It seems to me that the truth is now starting to come out. The Governor today spelt out that he had no powers to get involved with the banks, and he only gets involved when they have failed. He says it’s the FSA who instruct the Bank of England as lender of last resort when its all gone wrong and basically he is then left to pick up the pieces.

When asked what powers he would like ? “it’s for you as Govt to decide” – so basically it’s the FSA yet again who are found wanting.

Trumpo has painful and indepth knoweldge of the FSA having worked with them for a number of years. It’s not necessarilly the staff or decision makers within the FSA that are the problem, it’s the way that the regulatory framework is structured, it’s far too prescriptive. Staff within the FSA are not permitted to give advice or instruction – everything is open to interpretation, this I feel is the major problem – why cant somebody ask a straight question and get a straight answer without fear of recourse ?

I think that the regulator (FSA) is no longer fit for purpose and we should start again with regulatory instruction. Advisers and businesses need to know what they should be doing, because I can tell you, as I write this here today, a large number of advisers and firms are seeking guidance and or instruction.

All everybody wants is a little clarity, surely its not that hard.

 Your Trumpo.

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