Andrew Tyrie MP: the man scrutinising regulation of banks - Citywire#435777#435777
Tomothy Burton: Standard Life was not 'named and shamed' until well after the sales of mortgage endowments fell off the cliff. It was me who uncovered this discrepancy between what Standard Life used to produce illustrations and the actual charges which created the built-in shortfall. What did the regulator do about this? It fought tooth and nail to prevent the release of information which would have resulted in the collapse of so many financial institutions who had bought into this Ponzi scheme.
But what has the FSA said about bank charges? Are they fair or not? Technically the FSA said they are unfair, publicly no such admission, no fines, no bans, nothing.
Make no mistake, the British consumer is not protected by regulation, the banks are though. Is this all for the common good? Is it right that the bankers carry on as if nothing had happened? Well, the regulators end up with a big 'banking' job so why rock the boat?
If anyone can prove to me that splitting the banks up will make any difference then they have my vote, until then perhaps they should leave our shores because we can't afford them, make sure they pay the taxpayer back first!!
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