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Regulator costs us a fortune but lets banks off lightly

From time to time Mortgage Strategy publishes readers’ letters that refer to the FSA. In almost all cases the writers prefer to remain anonymous, presumably to avoid the ire of the regulator. I too fall into this category.

Why is the regulator so unpleasant to deal with? Some colleagues of mine recently had an assessment visit by two FSA representatives who stayed for two days, examined files and criticised every dot and comma, almost literally.

During this time the visitors refused all drinks and never took a lunch break.

Six months later the FSA deigned to give my colleagues the all-clear but they were left with the impression that regulators don’t enjoy their work and don’t like the professionals they visit, with the presumption of innocence not being a consideration.

And by the way, considering so many professionals are leaving the industry why are we not hearing about redundancies at the FSA?

We are led to believe that the FSA would rather deal with networks than be bothered with a multitude of directly authorised brokers.

But some networks are on dodgy ground so why should we be pushed in their direction?

The FSA is far from perfect and urgently in need of scrutiny. Following numerous foul-ups, the very mention of its name provokes mirth in the media.

This organisation has cost us mere mortals a fortune while it has let banks do as they please, despite its ridiculous Treating Customers Fairly doctrine.

Let’s hope the next government takes a long hard look it.”

Name & address supplied


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Unfinished business?

Pension specialist Fiona Tait gives an update on three big announcements from the 2016 Budget – Pensions Advice Allowance (PAA), the Lifetime ISA (LISA) and the pension dashboard. £500 Pensions Advice Allowance What’s new Under current rules it is possible to deduct an adviser charge from a defined contribution pension fund to pay for financial […]


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