Sunday, January 30, 2011

Lord Turner: banks face more rules and regulation - Telegraph

Lord Turner: banks face more rules and regulation - Telegraph

Adair

I hope you will not be too disappointed to hear that I don't agree with you. All the 'rules and regulations' in the world are no substitute for effective supervision, an inate ability to spot 'trends' and the gumption to move quickly instead of ending up with the usual 'point, fine, ban' after the event regulation we have had to endure for two decades.

The UK has not been served well by the regulatory musical chairs, time for new blood and a regulator which is not influenced by politics.

Monday, January 24, 2011

Banks challenge PPI reclaiming in High Court

Banks challenge PPI reclaiming in High Court

Where have the banks been all these years, retrospection is what this compensation machine is all about. However I can't see how what they did was acceptable at any time in history.

Sunday, January 23, 2011

Was Barclays mis-selling? It's hardly a million dollar question - Telegraph

Was Barclays mis-selling? It's hardly a million dollar question - Telegraph


Hi Paul

The only thing wrong with this piece is the title, it uses the word 'was'.

One more point, this isn't the exclusive preserve of Barclays is it?

Oh, a few more points, this wouldn't have happened if:

1. The FSA hadn't brought in 'depolaristation'
2. The FSA had more than six people supervising the bank.
3. The government at the time hadn't put pressure on the regulators to let the banks regulate themselves.
4. The FSA had been more proactive with regard to 'provider influence'.
5. Barclays had a decent 'risk consultant', me for example.

The rest is history, or is it?

I have a few cases here which could make headlines soon.

Thursday, January 20, 2011

Judicial review is a symbol of discontent | Opinion | Money Marketing

Judicial review is a symbol of discontent | Opinion | Money Marketing

This has become your prison, and theirs.

As in all prisons the inmates sometimes attempt to escape, is it morally acceptable so see the innocent ones try to be free of persecution and fail? Is it fair to give them a good kicking because 'we told you so', hindsight is a wonderful thing but it is the preserve of the regulators so stop whining and make sure the next incarnation of the regulator is fair and reasonable right down to the bone.

Who do you want to do that job this time around? The same old same old?

Tuesday, January 18, 2011

The FSA's flawed argument | Opinion | Money Marketing

The FSA's flawed argument | Opinion | Money Marketing

From where I sit regulation as we know it looks like what would happen to Teddy if a child found a big box of elastoplast. Rulebooks cobbled together, rules added, deleted or amended at will when they don't work.

More and more rules are no substitute for effective supervision, an ability to spot 'trends' and the will to move quickly. Isn't that what regulation is all about? All we have is a compensation machine picking up the pieces after the houses of cards fall apart. A compensation scheme which encourages consumers to take risks they wouldn't normally consider, it has got so bad, or mad, that the FSCS is now advertising on MTV...

Tuesday, January 11, 2011

FSA's RDR data built on hills of sand | Opinion | Money Marketing

FSA's RDR data built on hills of sand Opinion Money Marketing


If you poke a snake it strikes back. What we are dealing with here is the leftovers of the New Labour administration which didn't take kindly to the converyor belt of criticism and their answer was to eradicate the source which was the likes of myself and before that Garry Heath. For my sins I now look at things dispassionately, not as a regulator, not as the regulated and not as a consumer but as an observer and the view from here is quite stunning at times. The FSA is about to be split in two, that may be a good thing if the CPMA is a much better supervisor and pots 'trends'.

I can see where the FSA (via HMT policymakers) was coming from with the RDR, albeit in part, but making more and more rules is not the solution to problems caused by ineffective supervision.

Friday, January 7, 2011

Sants tells MPs that misselling costs the public £600m a year | News | Money Marketing

Sants tells MPs that misselling costs the public £600m a year | News | Money Marketing

I doubt that anyone knows how much damage is caused by lousy advice, just before Xmas a widow came to me with a horrendous tale, in less than a year she had lost £380,000 from what was supposed to keep her and the children in the manner to which they had become accustomed until her GP husband passed away at a young age.

If the FSA had been on the ball this might not have happened and to make matters worse the firm is still being allowed to trade! The people running this firm are highly qualified crooks.

Most of what the FSA is using as evidence in support of the RDR might have been avoidable had the regulators been able to spot the 'trends' created by changes in legislation such as 'break free from those chains of your occupational pension scheme', this is where the supervision by the regulators has been absolutely abysmal, the damage caused to the UK is all down to a lack of vision and coordination. The rest is history but we are still paying for it and so will our children and their children.