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.
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