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Bank of England should get regulatory control

I would like to put my two pennies worth in with regard to regulation going forward. Surely common sense should start to prevail – the Financial Services Authority does not have the capability or confidence to continue regulating financial institutions and advisers.

The Bank of England needs to be given control of regulating financial institutions that lend.

Let it control and provide the assurance this country needs that the finances of all our banks are sound and solid enough to trade.

Then let the FSA control and regulate individuals who broker their services.

This would make more sense in the long term and may bring confidence back to clients who need to see it.

I am sick and tired of hearing the blame being shifted to advisers.

The blame lies solely at the door of the FSA. It is the regulator, no joke intended, and should have checked more thoroughly the risk financial institutions were committing.

If this had been done by any other industry, the heads of the banks would now be serving jail sentences. Instead the government jumps into bed with them.

Funny enough, if you look back through history, Labour’s figures never tallied before any election and then it gets into power and we get hit by a recession. So we shouldn’t be surprised.

Let’s hope that if and when the Conservatives get back into power, they will seriously look at changing the way this country’s banks and financial institutions are regulated.

Dave Doncaster

Work2Live

By email

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