Darling Says Regulation Not To Blame

Darling Says Regulation Not To Blame

Alistair Darling, Chancellor of the Exchequer, has confirmed he has not intention of changing the way that financial companies are regulated, in light of the Conservatives suggesting they will.

Currently Banks, Investment Companies, Insurers and Financial Advisers are regulated by the Financial Services Authority (FSA) who, in turn, report to the Treasury i.e.  Mr Darling.  He claims that the regulators i.e.  the FSA and indirectly himself and before him Gordon Brown, are not to blame for the current financial crisis.

Well who is then?

It is the Banks who had free markets with no real credit or ‘good practice’ checks done on themselves over the last few years.  The FSA failed to do its legal duty i.e.  to protect the public.  It is set in law that the FSA has a statutory duty to protect the consumer.  They failed! Who is going to jail then? Nobody, just a few more knighthoods perhaps.

Why is it that Need An Adviser is still trading, is still running a tight ship, why is it that many other smaller businesses are also fine? Why is it that we have NEVER arranged a 9 X Income multiple mortgage or a ‘self certified’ (Jackanory) ‘make believe’ your income mortgage.

Why is it that none of our clients have excessively borrowed? Why? Because we, along with many other decent advisers gave good advice.  Greed did not blind us yet banks and their regulators appear totally unable to apportion blame.  Banks lend too much and continue to do so.  Ask our director about his recent increase on his credit card limit, and from one of the ‘failed’ banks with no salary check!

Both Bankers, FSA leaders and Treasury advisers are paid huge salaries and have not delivered.  Why are they still in power? We are more than disgusted that it is the tax payer and us, as surviving financial companies, that are left to pick up the pieces and of course the compensation bill.  

Mr Darling, why is it that you, Mr Brown or the FSA have never talked with people that actually know what they are doing i.e.  us?

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