MSE News: Claims firms' lies on PPI revealed by building societies

wurlitzerwilly

What with the banks going completely off the rails and the governments in collusion and unwilling to do their duty and stop the rot, the entire money industry is rotten to the core. Thieves attempting to rip-off thieves.
It's been the same since the days of Robin Hood, so I doubt it's going to change anytime soon.:(

Regulators more concerned with political correctness and cow-towing to the EU. Totally inept and not fit for purpose.

It seems that the only people with balls are the thieves themselves!

dunstonh

the entire money industry is rotten to the core. Thieves attempting to rip-off thieves.

Thank you for that accusation. How many of the hundreds of thousands of people employed in the industry have you met?

Regulators more concerned with political correctness and cow-towing to the EU. Totally inept and not fit for purpose.

The regulator has to by law consider EU regulations. However, in many areas it does it's own thing. Indeed, the retail distribution review is one good example of that. It sought an opt out from the EU to allow the RDR to go through.

The problem with the regulator though is that it focuses on insignificant issues or minor issues and ignored the major ones. For example, IFAs account for just 1% of complaints at the FOS (a figure that has been declining year on year and was only around 2900 odd last time) despite handling the majority of regulated advice transactions. Yet one of the most expensive and biggest changes the FSA has spent getting put through for the last 10 years has been targeting IFAs. They use a sledgehammer to crack a nut and were blinkered to the big issues.