Bankers attacked for selling over-complex and risky products

Here we go again, more hot air from the FSA. why is it that they are now sending out press releases every week denouncing every shoddy practice in the industry they are supposed to regulate (and then doing nothing about them)? oh yes I remember they are under threat of their own cushy jobs!

It is the FSA that has totally failed, the sooner that they are culled the better, at least the taxpayer can save some cash whilst continuing to be ripped off by the banks.

Gone are the days when you could put your trust in the banks - we have all had our eyes opened to the greedy bankers and the damage they can cause. They have had far too much power

Perhaps Lord Turner should take a look at my letter before he blows more hot air about regulation - part of my letter is quoted below:

"Now, I come to my second complaint and that is with regard to the relative ease with which a banking organisation has been able to manipulate FOS staff and subvert FOS investigations. It is also about procedural “box-ticking” oxymorons that allow any organisation that is familiar with FOS procedures to deny the offence being investigated and admit a separate offence to one investigator that falls outside his remit and so is not investigated, and then do the converse to a second investigator investigating the second offence happy in the knowledge that as soon as each investigator is able to tick a box saying “not my problem” then the investigation will cease and the organisation will never be reprimanded for either offence.

In other words, by denying Rape to Investigator 1 but admitting Murder; the Rape is never prosecuted; but then by denying Murder to the second Investigator (even if the victim refers them to the first investigation) and instead admitting Rape the Murder is never prosecuted and so the organisation is never reprimanded for either Rape or Murder.

The final part of my second complaint is that this is being allowed to happen with the full knowledge of each of the Financial Ombudsman Service, the Financial Services Authority, the Office of Fair Trading, HM Treasury, the Bank of England and the Information Commissioner’s Office. The reason I know this, is because I have spoken with representatives of each and every one of these organisations and departments and every time I have been told how disgraceful this is, but unfortunately that department does not deal with those issues.

So, the regulators are allowing the Rape and Murder committed by financial organisations to continue unabated, despite the Governments promises of regulation - and it is Government departments that are allowing this to continue.

"

Totally agree with all previous comments. However, in the absence of "authority" to police the banking world I think it will remain the responsibility of the average saver/borrower to shop around for the best deal and hopefully market forces will then determine a more responsible performance from the bankers. Despite the financial turmoil which we have all fallen victim to over the past few years it would appear that the FSA is still failing to show any clout.

Don't bankers understand that people look to them to deal in a disciplined and trustworthy manner?

Have they forgotten what honesty and integrity mean?

Have the FSA forgotten that they are public servants, and should serve the public first and cover their backsides second?

Is everyone in public service committed only to an easy life?

The sooner we have someone at the financial helm with the necessary knowledge and courage of his convictions, the closer we will be to a robust long term solution.

Bring on Mervyn!

Hmmm, In future we could increase reserve ratios (instead of the base interest rate) :) to cool the economy. We could also allow other organisations to issue credit - as a public service almost (See Bank of North Dakota). Capitalism only matters when it gets engineers, builders, service providers and other organisations that actually do something useful moving.

Regards

I urge the government to abolish the Financial Ser vices Authority at the earliest opportunity and trim down the regulations as they simply do not work. Let people have the full freedom to carry on with their businesses as they used to have some 40 years ago; this will help improve the real economy of this country.

LTI 3x

LTV 10-20%

Job done. Bankers reigned in. consumers protected. The wingers will be those that shouldn't be borrowing or lending money anyway - e.g. speculators.

years later we are still talking about this crap.

The Turner review presented many options for regulating the mortgage industry March last year and none have been implemented. Since then house price inflation has taken off again with HPI at 10%. Of course CPI doesn't notice this inconvenient truth.

Which means the FSA is just another quango full of impotent "experts".