FSA to be scrapped - Good or Bad???

marshallka

Who thinks it will be a good thing for the FSA to be scrapped? What will happen to the Ombudsman Service as they actually act on rules from the FSA rule book don't they?How much will the Bank of England be involved and is that a good thing or bad thing in reality for the likes of reclaiming!!!


http://news.sky.com/skynews/Home/Politics/George-Osbornes-Mansion-House-Speech-FSA-To-Be-Scrapped-Four-New-Bodies-Created/Article/201006315650427?lpos=Politics_First_Poilitics_Article_Teaser_Regi_0&lid=ARTICLE_15650427_George_Osbornes_Mansion_House_Speech%3A_FSA_To_Be_Scrapped%2C_Four_New_Bodies_Created

dunstonh

Who thinks it will be a good thing for the FSA to be scrapped?

Wont make any difference to the average consumer.

I have been through the SIB, PIA, FSA and now some other body is coming. You change the intials but with the same people in charge (i.e Hector Sants) and the same staff behind the scenes then you get the same culture.

What will happen to the Ombudsman Service as they actually act on rules from the FSA rule book don't they?

It will react to the rules in place at the time.

How much will the Bank of England be involved and is that a good thing or bad thing in reality for the likes of reclaiming!!!

Bank of England is not getting involved in that sort of thing.

Hopefully, they will reduce some consumer protection or at least balance it out. Its getting ridiculous now. In some areas there is hardly any protection and in others its virtually impossible to give best advice but have to give basic advice instead because claims companies and the compensation culture means you are forever protecting your backside. There is more paperwork and compliance in setting up a £50pm pension than there is arranging a £100,000 mortgage. Its no longer cost efficient for an IFA to recommend regular savings. This is all down to FSA regulation. Its no wonder there is a problem when its easier to get debt than it is to save.