Wednesday, April 14, 2010

The FSA


The FSA is on a roll. Faced with the prospect of being subsumed into the Bank of England if the Conservatives win the election, it is, at the eleventh hour, doing its damnedest to prove its worth. Insider dealers are being prosecuted, fines are being levied and now, three years after the event, executives at Northern Rock have been fined and banned from the industry for misrepresenting mortgage arrears in January 2007. Let's not even ask why the FSA didn't pick up on the misreporting at the time. Three years is a long time to wait to ban these people from operating.

5 Comments:

Blogger kinglear said...

Yes but it will have taken the FSA 3 years to work out there was an election and what that mean for them....

11:03 am  
Blogger Angus said...

The regulators wheels grind exceeding fine , and slow. How one misses filling in those endless reams of forms that the lovely people at Canary Wharf so urgently required. From the tone of the post I just know that you're off to spend a happy and
scintilating ( and mandatory) after
noon at a compliance seminar.
At least all this recent activity
will make the lawyers happy.

11:38 am  
Blogger Winchester whisperer said...

lol KL & Angus

2:00 pm  
Blogger Ellee Seymour said...

It certainly sounds like there is a hidden agenda here.

3:37 pm  
Blogger Welshcakes Limoncello said...

Serve them right!

10:27 pm  

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