FT.com / UK - Sants resignation leaves confusion at FSA

FT.com / UK - Sants resignation leaves confusion at FSA: "The CEO, who will stay at the FSA until the summer, has been outspoken in his criticism of Conservative proposals to dismantle the agency. He described the Tory plan to give the FSA’s supervisory role to the Bank of England and spin out consumer protection responsibilities to a new agency as a distraction that could lead to a “turf war”."


There has to be great concern that whilst those at the top play games with all our futures we worry about who is looking after the long term interests of our clients, the consumers. From down here we all see a merry-go-round of bankers, McKinsey people, and politicians faking expenses claims, even using the Bill of Rights as a defence for doing so, what a cheek.

It was goodbye to John Tiner (middle names Justin Time), farewell to David Kenmir (creator of the Kenmir Effect), bye to Hector Sants, possibly ta ta to Brown.

We have recycled more regulators than we can name in this small space, New Labour created a ‘Tripartite’ system, the Tories who voted for that now say we must try something else, another stab in the dark? Another game of political football? Meanwhile we ask if the consumer is one iota better off for all this recycled regulation, not in my opinion.

Hector should spend more time with his family; he is a decent man who obviously had a difficult time controlling all those civil servants who find it hard to listen to reason. I’m glad I met him before he went; hope that wasn’t the reason for his departure!

Finally, we should be worried because things could get worse, in the meantime the banks and the networks who wanted the ‘restricted advice’ or multi tie element of the RDR have won the tug of war while small firms have once again allowed the more powerful (and well financed) lobby groups to have their cake and eat it. Divided you fall folks, gathering IFAs together is like herding cats. Prove me wrong and we could make a difference.