Ask your MP for a stronger consumer voice at the FSA

Former_MSE_Wendy

What this is all about?

Which? is currently running a campaign to try and get more consumer representation on the FSA board.

It believes that the consumer voice must be at the heart of banking, yet the body which regulates the banks - the Financial Services Authority - is made up almost entirely of people with a financial services industry background.

Which? is calling on the FSA to do something to redress this balance as a matter of urgency as it seriously undermines the ability to put ordinary consumers’ needs first.

An EDM (like a petition) has been started in Parliament by Mark Lazarowicz MP, Chair of the All-Party Parliamentary Group on Debt and Personal Finance, and you can ask your MP to sign up to it.

How to contact your MP

Which? has set up an Email your MP system, including a template letter at www.which.co.uk/bankingaction

It'd be good to fill it in before before Parliament breaks for the summer on 17 July 09.

Simply enter your name, address and postcode and it'll find your MP and fill in your details on the template letter. You can then tweak it if you'd like or just click 'continue' to send.

DiggerUK

A "Stronger voice at the FSA" is a wasted argument.

This organisation has never been fit for purpose, nor will it ever be fit for purpose.

Tell your MP to close it down.

bluey890

I would just like to add that DiggerUK is not a regular frequenter of this board, and by no means represents it's views.

It seems only fair that the FSA be more representative of public and less representative of the banks.

Whilst here, it would be great if you could unhide the board!? I don't mind 'guiding' it <hint>..

nearlynew

bluey890 wrote: »

I would just like to add that DiggerUK is not a regular frequenter of this board, and by no means represents it's views.

No, but I am. and he/she is right

The FSA or any other government appointed body is just a front to make people feel like they have got some sort of "protection" or redress if things go wrong.

Meanwhile, we are still being pick-pocketed by the magic money making system created by the central banks.

What we need is not more government interference, but less.

Sound money and small government is all we really need.

bluey890

nearlynew wrote: »

No, but I am. and he/she is right

You may both be wrong. It is important not to rule out that possibility old chap.

andygb

We had "small government" and it failed miserably to regulate the banks, and to correctly carry out the re-financing of the failed banks. By standing back and let the banks dictate everything, we have been dumped in the worst recession for decades. By bailing out the banks, and standing back again, we are going to let them repeat the mistakes.
The FSA must be made up of truly independent people, and must act with the interests of the public at large. It has not done this in the past, and we are reaping the rewards of their actions.

Sapphire

andygb wrote: »

We had "small government" and it failed miserably to regulate the banks, and to correctly carry out the re-financing of the failed banks. By standing back and let the banks dictate everything, we have been dumped in the worst recession for decades. By bailing out the banks, and standing back again, we are going to let them repeat the mistakes.
The FSA must be made up of truly independent people, and must act with the interests of the public at large. It has not done this in the past, and we are reaping the rewards of their actions.

Why they are at it, members of the public should also decide on MPs salaries and pensions. It's ludicrous that they should be permitted to do this themselves, when our money is involved and they have proved themselves totally inadequate to do the job honestly themselves.

nearlynew

andygb wrote: »

We had "small government" and it failed miserably to regulate the banks, and to correctly carry out the re-financing of the failed banks. By standing back and let the banks dictate everything, we have been dumped in the worst recession for decades. By bailing out the banks, and standing back again, we are going to let them repeat the mistakes.
The FSA must be made up of truly independent people, and must act with the interests of the public at large. It has not done this in the past, and we are reaping the rewards of their actions.

No we haven't.

The point is, the FSA did what it was set up to do - F*CK ALL

Looking after the public's money is not their priority. It is to provide cover for the fraudulent practices of the banks and to reassure the public.
And a training ground for future bank employees who have returned the most favours.

sarkin1

The FSA are a joke they cant regulate the banks which are now all bust. New goverment next year, FSA will be shut down and another goverment run balls up started.

bubblesmoney

if many professional regulatory bodies have 50% general public on their panels then why should the FSA be any different?

are they trying to say financial services is special. if general public can form 50% of regulatory bodies for doctors etc then why shouldnt the FSA have 50% of general public on their panels as well.

less regulation just means they will have a free rein to screw the public without scrutiny. there should be criminal penalties for breaking FSA regulations. only the fear of becoming a hardened criminal's b1tch for many years in prison will reform some of these criminals in disguise in suits and hopefully prevent them from defrauding the public again.

Generali

andygb wrote: »

We had "small government" and it failed miserably to regulate the banks, and to correctly carry out the re-financing of the failed banks. By standing back and let the banks dictate everything, we have been dumped in the worst recession for decades. By bailing out the banks, and standing back again, we are going to let them repeat the mistakes.
The FSA must be made up of truly independent people, and must act with the interests of the public at large. It has not done this in the past, and we are reaping the rewards of their actions.

The UK hasn't had small Government since before the First World War! Governments, Tory, Labour and (once upon a time kids) Liberal have been in your pockets, minds and homes ever since.

Don't be fooled. The current mess is a failure of Big Government.