MSE News: MPs call for stronger financial regulation

Former_MSE_Helen

This is the discussion thread for the following MSE News Story:

"The new system of financial regulation must not repeat the 'shortcomings' of the Financial Services Authority say MPs ..."

Read the full story:
MPs call for stronger financial regulation

Pincher

Like creating a religious order of auditors, who believe you lose your soul if you defraud investors. In an effort to save souls, they audit fraudsters and torture them until they confess, hand over their Swiss bank account, and whip them daily until their souls are saved.

Transgressors within the order will of course be subject to the most extreme of torments, lasting a thousand days.

Now, THAT is an FSA you can trust.

~Brock~

http://www.financialservicesauthority.org/index.html

'nuff said :beer:

magpiecottage

What we want is COMPETENT financial regulation.

Yes they should crack down on firms that rip off consumers.

But they should be alert to problems BEFORE they arise, not simply go round pointing fingers at anybody except themselves afterwards.

They also need to be alert to the fact that consumers are just as, if not more, likely to commit fraud. I am not saying no businesses break the rules but false claims and complaints are not victimless crimes. The costs are not simply absorbed by businesses - they are passed on to other consumers.

beamerguy

MPs call for stronger financial regulation

THE FSA HAS LOST THE PLOT AS WELL

"Treasury Committee chairman Andrew Tyrie says: "The plain fact is that the FSA did not succeed in protecting consumers from spectacular regulatory failures"

AND THE BANKS ARE USING THE FOS TO DELAY PAYMENTS
"The Financial Ombudsman Service is expecting to have to clear up a record number of PPI cases this year and has said it is "disappointing" that a significant number of consumers are still waiting for businesses to tackle their complaints."

Why on earth don't the FSA and FOS GET TO GRIPS WITH THE BANKS AND START ISSUING VERY HEAVY FINES AGAINST THE BANKS who are using them as a piblic convienience ?

I note the lady from the FOS who starting posting here has vanished, yet another waste of space folks

dunstonh

Why on earth don't the FSA and FOS GET TO GRIPS WITH THE BANKS AND START ISSUING VERY HEAVY FINES AGAINST THE BANKS who are using them as a piblic convienience ?

Some of the banks were using the FOS as a delay mechanism but it was only short term. It cost them £500 a go and the FOS has proposed a £300 surcharge on top of that from April for any PPI complaint referred to them as a means to put off referrals.

To be honest, I have some sympathy with the banks on a specific point only (not the other points where they do wrong). It also highlights the failings of the FSA. PPI was sold the way it was for 25 years. Then virtually overnight the FSA decided it was wrong. From a consumer point of view, the question is; what took them so long? From a bank/business point of view the question is; if you were happy about it for 25 years then why didnt you tell us your concerns before suddenly taking this approach?