MyCompanyPension.co.uk - Helping members of occupational pension schemes to better understand their benefits.

18th October 2018
:: Blog | January 2009 (12 blogs) | Regulator crashes from one crisis to another

 
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Regulator crashes from one crisis to another 
 
You might have gathered from some of my previous comments that I have very little time for the Financial Services Authority which presides over the regulatory issues of insurance, investments and pensions in the UK. The FSA appears to me to regulate with hindsight - remember the pension and endowment reviews, and more recently the warning on transfers into Sipps?
 
Watching the FSA deal with the impact of the credit crunch, you’re left thinking of bumper cars at a fairground, as it lunges from one crisis to another. For example, its handling of the practise of short-selling is pretty lamentable and this article speaks volumes. Pension funds and individual investors who hold banking shares have seen their values plummet over recent months – and nosedive again over the last week. What were once solid investments with excellent dividend yields, now look a poor relation of what they were less than 18-months ago.
 
The FSA could and should have asked searching questions of the banks far earlier. It didn’t, and for that we’re all paying the price now – and will be for years to come. I know the general public aren't the FSA 'customers', but if we were, do you think it would have breached Treating Customers Fairly guidelines in the way it has dealt with the banking crisis? See:
Mike Jones, MyCompanyPension.co.uk, 22nd January 2009
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

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