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Regulator’s record shows Sants has little to be proud of

I was intrigued to hear the comments of Hector Sants, chief executive of the Financial Services Authority, in announcing his resignation last week, in particular that he is proud of the way the regulator had risen to the challenge of the financial crisis.

So he thinks he did a good job? More like he has messed up so badly he had no choice but to leave. He has clearly lost touch with reality but never mind, I’m sure he’ll end up in another highly-paid job after pocketing a big pay-off.

By leaving the sector in turmoil the FSA has proved it is useless. It needs an overhaul and an injection of common sense so its regime is workable for advisers, providers and consumers.

All Sants and his staff seem to have done is try to stop consumers getting financial advice by changing the rules on a regular basis, simply confusing everyone.

Before the regulator intervened most clients were happy. I don’t suppose any other industry in the world puts up with the way we are treated.

Meanwhile, I can’t believe that nobody at the FSA has been charged with neglect over the banking crisis.



End of liquidity scheme won’t lead to mortgage rate hike, says lender

Fears that the Bank of England’s decision not to extend its Special Liquidity Scheme will lead to increased mortgage rates are un-founded, says Linda Will, sales and marketing director at In The Loop Mortgages. Bank governor Mervyn King unveiled the Bank’s quarterly inflation report last week and ruled out extending the scheme, which is due […]

Big banks fail to meet business lending targets

The Royal Bank of Scotland and Lloyds Banking Group are failing to meet legally binding commitments to lend to businesses, agreed as part of government support for the two banks. Under the terms of the Asset Protection Scheme Lloyds group pledged to lend an additional £14bn in the year to February 2010 while RBS committed […]

L&G director to cycle the extra mile

Ben Thompson, director of mortgages at Legal & General, will be setting off for Spain on May 19 to raise money for housing charity Shelter. He will embark on a gruelling 800-mile bicycle trip that starts in London and finishes 10 days later in Santander, Spain.The Mid Life Cyclists Challenge team comprises Thompson, John Phillips, […]

Artemis Investments’ Outlook for 2016

Political change and the ‘normalisation’ of interest rates mean 2016 is likely to be another interesting year. But what will it bring for equities – and bonds? Here, a number of Artemis’ managers share their views. Click here to read the full article


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