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Petition to PM re FSA and the mess they allowed by being "asleep at the wheel"


CliveH

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'We the undersigned petition the Prime Minister to exercise

proper control over the senior management of the Financial

Services Authority.'

 

 

This is the background to the petition:-

 

"Whilst recognising that there are many competent, hard-working and well meaning people working for the FSA, by failing to properly regulate banks and other major financial institutions the FSA’s management has seriously harmed the financial well being of the UK population and now by over-regulating small businesses it threatens to make financial advice unaffordable to those people at the time they need it most. People need encouragement to save, not barriers.

 

We believe its current policies will prove disastrous to both businesses and consumers alike and we have no confidence in the FSA to regulate either competently or fairly under its current management."

 

http://petitions.number10.gov.uk/FSANOCONFIDENCE/A0SzNdB6dddcBhP8GNAGfNl

 

 

A chance to have your say if you feel strongly - against the FSA that has failed on so many counts to protect consumers (what its primary task actually is, believe it or not!) and instead become a sop to the Banks in particular.

 

Thought some may like to have a chance to put their names to it.

 

R

 

Clive

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If I thought for one minute that Grasping Gordon was actually listening to the electorate let alone actually behaving in a manner that the vast majority of normal people have a right to expect from a sane government, I too would sign this petition.

 

He has no intention of controlling the banks and financial institutions because the more short term money they make the longer he hopes to remain in power to spend it on single teenage mums and illegal immigrants whilst thousands of the indigenous older generation who not only survived a world war and worked their entire lives but also put his like into power go without enough proper domiciliary care to have a normal life to decent standards without paying for it out of their own hard won savings whilst the wasters in life who contribute sod all but know their rights get it all for free.

 

The man and his government are a bloody disgrace.

 

 

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malc d - 2009-10-03 2:53 PM

 

Tracker - 2009-10-03 11:18 AM

 

On reflection perhaps I was a bit hard on the government - what does the team think?

 

 

Who are the " vast majority of normal people " - were you thinking of this forum ?

 

 

 

 

;-)

 

 

There surely is nobody on this forum who would admit to being normal - or is there?

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Being a "tugger" I think being called normal is a bit of an insult. (lol)

 

But if I could be a little serious (opposite of big joke) - re the FSA.

 

a) I am regulated by a government department - that is good - I like that - I never want to go back to the bad old days with the likes Allied Crowbar, Shabby Life and General Portfolio with their plans that took so much in charges you never got anything invested for years!

 

b) BUT - the FSA has become too political and has got into bed with the banks and the big institutions.

 

c) It is supposed to protect the consumer - so why is there not consumers involved in the running of the FSA? - Why should we not have input from a retired Judge, Consultant (NHS) even a retired person from the caravan/motorhome industry seeing as most of us have to save or borrow (Finance) to buy what we use for our hobby.

 

d) So why is it when we have the Equitable Life debacle that the FSA is labelled by the parliamentary ombudsmen "A decade of regulatory failure"? - we IFA's new Equitable was financially weak. But nobody expected that they were lying to the regulator and the regulator took those lies as facts without checking despite all the disquiet about Equitable in the industry as a whole.

 

e) why did they give Northern Rock a clean bill of health just 6 mths before we had queues on the pavement?

 

f) The FSA was a cobbled together idea from Gordon Brown whilst he was Chancellor. The fact that it has failed to protect the consumer by protecting the like of the Equitable bosses and the slippery bank bosses that incestuously migrate from Bank to FSA and back to Bank again as well as many other failures means that it really should be scaled back to a consumer orientated and focused watchdog. The Financial Strength of companies should be handed back to the Bank of England and the overall running of the company should be given back to an equivalent of the old DTI. In other words as it was before.

 

The FSA is a jack of all trades - and clearly Master of none.

 

Consumers are poorly served by it.

 

Whilst I agree with Tracker that this government is never going to change it. This petition DOES flag up the disquiet that we feel about this monolith staggering on as it is.

 

Whoever gets in next SHOULD have a mandate for change. I believe this petition is one way of flagging that up.

 

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