Cable Forum - FSA to get tough ?....

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FSA to get tough ?....

http://news.bbc.co.uk/1/hi/business/7939619.stm

Well it's nice to see Hector Sants' version of accountability for institutionalised failure at last.... :rolleyes:

Re: FSA to get tough ?....

Altogether now:

'ooooh' *clutch handbag*

He looks about as hard as Tim Henman.

They're not called the 'Fundamentally Supine Authority' for nothing. Their MO in recent years is roughly the equivalent of allowing the Kray Brothers to choose the members of their local CID, with predictable results.

Lord Turner is the ex-head of the CBI, a business organisation courted by both parties that has been strident in its calls for less and less regulation, a call fervently supported by Gordon Brown. Their dearest wish is that regulations should be able to be abolished by government decree with none of that irritating 'parliamentary democracy' stuff getting in the way. There was a bunch called the 'Better Regulation Task Force' a few years back, if memory serves who recommended that sort of thing. Let's see what the CBI had to say about it:

http://www.cbi.org.uk/ndbs/press.nsf...8?OpenDocument

Quote:

"The importance of a deregulation incentive structure for civil servants should not be underestimated".

Coo, that'll help, won't it - giving civil servants a financial incentive not to look at what you're doing? Hang on, Digby Jones? What happened to him?

Quote:

As director general of the Confederation of British Industry for six years, Sir Digby Jones - who leaves the government in today's reshuffle - personified British business, calling for lower taxes on business to encourage higher productivity.

When Gordon Brown was looking for someone with the clout to persuade employers to commit to supporting training for employees, particularly those in the low-skills bracket, Jones was the obvious choice.

That'll be the scheme that's now floundering because the private sector hasn't got the cash any more, because there's a severe recession exacerbated by the kind of low regulation policies championed by My Lord Digby Bloody Jones.

What a shower.

Re: FSA to get tough ?....

So far as I can see, pretty much the same people who failed to spot and act on the banking problem in the first place are now supposedly going to start doing the job they should have been doing all along... :confused:

All of this begs several questions, not the least of which are: a) what were they actually doing in the years before the bubble burst? and b) are they really up to any serious regulatory task?

Re: FSA to get tough ?....

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Worse than that - it's the people who were telling us that the last thing Britain needed was a system capable of spotting the banking problem in the first place. They're now in charge of setting one up.

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what were they actually doing in the years before the bubble burst?

Bathing in champagne? Playing the Biscuit Game? You tell me.

Re: FSA to get tough ?....

Well thats sorted that then none of us need worry again that this will happen in the future :rolleyes:. Next announcement from the government "sieves to be used to store water".

Re: FSA to get tough ?....

I'm sure the banks are already shivering just from the mere thought of the FSA getting tough....:rolleyes:

Re: FSA to get tough ?....

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Next announcement from the government "sieves to be used to store water".

"Stable door security to be looked after by man who doesn't believe in bolts"