Friday, March 13, 2009

Hector Sants says be afraid of the FSA

A bank director who pays no personal price for being wrong is unlikely to be afraid of the regulators, if he messes up he keeps his vast personal wealth and can move on to another institution where his incompetence can wreak havoc once more.

For IFAs it is another matter altogether, the constant fear of losing his business, his home and in many cases his family is a draining experience. If Mr Sants wonders why we at IFADU are so aggressive he should consider the reasons why.

IFAs are not a threat to the financial system yet they receive a disproportionate amount of attention while the real and present danger of greedy bankers has brought our economy to its kneees.