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22nd November 2017
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Press Release
 
Has FSA failed in Treating its Customers Fairly?
 
The Treasury Select Committee investigating the Northern Rock debacle yesterday grilled FSA chairman Sir Callum McCarthy on the regulator’s role in the recent banking crisis.
 
McCarthy refused to answer questions about whether he thought the Bank of England should have stepped in and made more funds available earlier in order to avert a crisis. Comparing McCarthy with boxer Sugar Ray Leonard, Labour MP Sion Simon accused him of being a “world class ducker and diver”.
 
Mike Jones, director of the pension education website MyCompanyPension.co.uk said, “The FSA has trumpeted loud about regulated firms such as insurers and financial advisers not taking quick enough steps to meet its Treating Customers Fairly programme. Yet the example it appears to have set in the recent banking debacle shows it needs to examine its own systems. It smacks of a ‘do what I say, not what I do’, and must really ruffle the feathers of firms that are striving to adopt the TCF initiative”.
 
At a previous meeting of the TSC, McCarthy had said that the systems and methods used in financial crises by the tripartite system, which includes the FSA, the Bank of England and Treasury, would “need re-examination”. But at yesterday’s meeting, John McFall chairman for the TSA rounded on McCarthy accusing him of not answering a number of questions about the way in which the respective bodies actually co-ordinate. McFall said the tripartite system is ‘the biggest cock-up for 140 years’.
 
Jones says, “The FSA sets out its objectives as three broad headings: promoting efficient orderly and fair markets; helping retail consumers achieve a fair deal; and improving its business capability and effectiveness. Yet what appears to be coming out of the Select Committee hearing from the FSA is anything but fair and orderly. Where is the FSA’s own TCF now?
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Contact 
Mike Jones
MyCompanyPension.co.uk Ltd
PO Box 240
Telford
TF6 5YN
Tel: 0845 123 5670
Mobile: 07730 855 596
Fax: 0871 433 4662 
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Notes for editors: 
 
MyCompanyPension.co.uk provides pension education, information and communication for scheme members, trustees, sponsoring employers and advisers. The website presents facts and information. MyCompanyPension.co.uk does not give advice; does not sell pensions, life insurance products, investments or mortgages.
   
The FSA is a statutory body set up under the Financial Services and Markets Act 2000. The Act sets out four statutory objectives for the FSA which are supported by a set of principles of good regulation which the FSA must have regard to when discharging its functions. The FSA has set out its aims under three broad headings: promoting efficient orderly and fair markets; helping retail consumers achieve a fair deal; and improving our business capability and effectiveness.
 
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Has FSA failed in Treating its Customers Fairly?
 
 
 
  
Release date:
10th October 2007

Article details:
Main article 308 words

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