Thread: New Prime Minister to Scrap the FSA but what about the FOS ????

Not sure if this should be here or the beer garden but here goes

Here is an opener.

David Cameron is going to scrape the FSA. The fos deals with complaints about banks that are FSA regulated. It is all to do with the FSMA 2000.

So will no FSA mean no FOS ?

BBC NEWS | Politics | Osborne would scrap 'failed' FSA

That link is dated July 2009

The decision to scrap the FSA has now been abandoned.

However it would be nice to think that the FSA's narrow escape from oblivion has given them a shock which will translate into doing their job a little more enthusiastically and aggressivley than before

However it would be nice to think that the FSA's narrow escape from oblivion has given them a shock which will translate into doing their job a little more enthusiastically and aggressivley than before

One can hope, but don't hold your breath.

PF

Originally Posted by BankFodder

The decision to scrap the FSA has now been abandoned.

I think it is to be scrapped by 2012 ....

Legislation to replace the FSA will be in place by 2012, and the watchdog will be wound down and replaced by three bodies during the next two years, Osborne said. A Prudential Regulatory Authority will be created as a subsidiary of the central bank. Osborne will also set up a Financial Policy Committee at the bank and establish a consumer protection and markets agency.

The FSA’s chief executive officer, Hector Sants, 54, will stay on at the authority while it is wound down and will take up new roles on the bodies that replace it, becoming a deputy governor of the central bank.

It is expected that the FSA will be broken up and the division that monitors financial institutions will continue as a “new prudential regulator” and will operate as a full subsidiary of the Bank of England.

consumer protection and markets agency.

Well lets hope they have teeth than the fos and use statutory laws instead of using there own.

PF

I think the FSA is to be broken up by 2012 but I'm not sure about the fos, I've haven't seen anything suggesting it will be changed. It would be interesting to know what they plan to do.