FOS issues landmark ruling against N&P over Keydata - Citywire
In my humble opinion all advice relating to the offerings of Keydata, MDF (sorry NDF) and many other manufacturers of 'structured products' could be unsuitable, even the FSA leaflet before me fails to mention the 'counterpaty' risk.
My argument is simply this, if the likes of Lehmans, Northern Rock, Bradford and Bingley and all the other financial cadavers littering the financial services market place fall over the FOS can look at something and say the advice was unsuitable because the risks were not fully explained when the regulator itself failed to spot the dead parrot..
Is that fair and reasonable?
Society is in dire need of regulatory balance, I see none.
Why bother with regulation when all we need is a great big compensation pot?