Gilchrist: Bad start for the FCA | Opinion | Money Marketing

Gilchrist: Bad start for the FCA Opinion Money Marketing

The PPI debacle was more to do with the lack of supervision, when I asked the FSA (face to face) how many FSA staff were deployed to watch the sales practices of the banks I was told they only had six supervising one of the BIG four and even then they were only doing the prudential bit so the answer must have been NONE.
I'm sure readers can write a book on what they have seen the banks doing since 1987, completely unhindered. Was it because they ticked all the 'systems and controls' boxes on the annual return?
Do we really need thousands of regulatory 'geeks' as they call themselves poring over computer models and spreadsheets compiled from the mountain of information firms supply on a regular basis? If the information isn't requested or presented in a way that will provide a full picture of what firms are doing on a daily basis will we see bigger and bigger crises? More 'scandals', more 'consumer detriment'?
Only time will tell, but can society afford to waste time on these 'collective intellectual failures'.
On the subject of PPI, why oh why are the banks not compensating people on the basis that all their policies were missild if they cannot demonstrate they were suitable sales? The large IFA firms including networks have been told to do just that.
One bank is employing contractors on the night shift, 7pm to 7am, at £350 per shift, just to deal with the customers who had the courage to complain about PPI. If they pay out the ambulance chasers take up to half the money!!
What has regulation done for society?