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6 Things you don't want to know about FSA


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The FSA's ''light touch'' style of regulation was set up by Gordon Brown as Chancellor. It was and is proof of New Labour's pro business policy. Which is why the worlds bankers and brokers want to do business in London and not New York where, post Enron, tough regulation is seen as neccessary.

 

Here are 6 depressing facts uncovered by Harvard professor Howell E Jackson in a dispiriting compare and contrast exercise with the FSA (Fundamentaly Supine Authority) and it's US equivalent the SEC

(Securities & Exchange Comission).

 

1 In the period 2002 to 2004 The SEC took out 3624 enforcement actions against financial institutions compared to the FSA's ..err ..72.

 

2 The FSA employs less than 15 percent of the staff of it's US counterpart.

 

3 40 percent of SEC staff work on enforcement compared to just 1 in 10 at the FSA.

 

4 Insiders describe a general malaise of low morale an high staff turnover. It's own staff have described senior management as being ''asleep at the switch'' especialy on the enforcement side.

 

5 Last year the SEC filed 46 insider-dealing cases including some against British firms. And the FSA? Try none.

 

6 In 2005 the FSA did manage to fine hedge fund traders GLG Partners £750.000 for 'market abuse' while the SEC imposed a £1.7 million fine on GLG this year for the lesser charge of 'trading ahead of bond shares'. FSA Chairman Sir Howard Davies resigned shortly afterwards to take up the post of 'advisor' to ...GLG Partners.

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interesting and unerving !!

All opinions and advice I offer are purely my own, and are offered without any liability. If unsure seek the help of a licensed professional

...just because something's in print doesn't mean its true.... just look at you Banks T&C's for example !

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  • 2 weeks later...

Spin is what I call it. USA and New York has and is trying to "blacken" London reputation as it is losing the batttle to be the Worlds Financial Centre.

 

FSA is not a "light touch" but risk based regulator. SEC is a control based regulator.

 

Stats, stats and the stats. I read from the stats that more crime happens in the US than London ;)

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Since 2006 and the implementation of Arrow, the FSA has been a risk-based regulator.

 

Actually most financial firms have more principles that most other industry sectors. This is because they are directly regulated unlike many other secotors / industries.

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Since 2006 and the implementation of Arrow, the FSA has been a risk-based regulator.

 

Actually most financial firms have more principles that most other industry sectors. This is because they are directly regulated unlike many other secotors / industries.

 

 

So what is 'risk based' Noddy?

 

Financial firms and particularly banks should be more regulated than other

sectors as they have unparalleled privileges ie they can take any charges

directly from your account as they are in a position of trust 'fiducial'.

 

Credit Today online

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Google "Arrow and FSA". Happy reading.

 

Unparalleled privileges. >. Any company with a direct debit can do that.

 

They can only do what you "allowed them to do" when you signed the contract. If you do not like the contract terms, go find someone else.

 

>

Personally I do not think the bank are that bad as you know you can complain to the FOS. I have had more hassle from telephone and gas providers.

>

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Since 2006 and the implementation of Arrow, the FSA has been a risk-based regulator.

.

 

 

well not for long by the looks of things

 

The FSA’s move towards more principles-based regulation: the role of the ombudsman. Speech by Walter Merricks, chief ombudsman, at the FSA’s conference on the future of regulation

 

speech by Walter Merricks, chief ombudsman, at the FSA’s conference on the future of regulation

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