I am not Mark Wadsworth.
Some of you may know that my business partner and I run a retail financial advice business. We are directly regulated by the Financial Services Authority. You may also know that I have long held the FSA to be one of the provisional wings of the political class. A latter day Stasi. I hold them in utter contempt.
The FSA's latest 'initiative' - really a simply self justificatory project to cover their epic failure - is called 'Treating Customers Fairly, TCF as it is known by all in financial services. Any of you with a vague understanding of philosophy will see the immediate flaw; what is 'fair' to one person may well be very 'unfair' to someone else. Basically it is utter bollocks.
We were recently required to attend a 'TCF Assessment Meeting' with FSA personnel at a football ground in a neighbouring town. An FSA apparatchik would ask us lots of questions to assess whether - in their opinion - we were 'treating our clients 'fairly'. After the opening niceties and a statement by the FSA appatachik as to how he was going to do his bit he started the questioning like this:
FSA. "I would like you tell me what you think we mean by 'treating customers fairly'?
Lola. Would you like to define what you mean by 'fairness'?
FSA, "We ask the questions!"
Yes, truly. He said "Ve ask zer qvestions". I stared at him and contemplated leaping to my feet with a Nazi salute and saying 'Jawohl. Herr Sturmbannfuhrer', but, to my lasting regret, I didn't.
What went rapidly through my mind was the consequences to my business partner and my clients if they were left in the hands of the Fascist shits when they proceeded to shut us down for the temerity of treating them like the total Hoons they are.
The meeting then proceeded, at the cost of a whole mornings work for both my business partner and myself.
Letters are going to go to my MP and various others. We shall see what happens. I will keep you posted.
(I couldn't post this until I had calmed down).
Lola
These things will pass
5 hours ago
12 comments:
"I will keep you posted"
I won't hold my breath!
This is the same FSA that oversaw the Equitable Life fiasco that is now costing the country billions, I take it?
"I would like you tell me what you think we mean by 'treating customers fairly'?"
Objection, m'lud. Speculation.
"I think you mean 'Black Pudding'."
dearieme - eh?
For their next trick they are taking over consumer credit licensing from the OFT.
Now the whole point of a licensing system is to stop undesirables from being in the consumer credit business.
The present regime seems to combine stupendous amounts of silly bureaucracy and regulation that no one understands, with zilch action on removing licenses from confidence tricksters.
I wonder if the FSA can manage to do it any worse?
Steven_L. I wonder if the FSA can manage to do it any worse? Silly question. Of course they can.
Would it be a stretch of the imagination to believe that FSA were put there by the big banks, for the benefit of big banks? And bugger the small guys like you, the workers. Govt being merely the middlemen. Big banking being a global elite? Perhaps socialist in nature. Have you noticed how the FSA have no power over the big banks. Only folks like you.
Conspiracy theory. Or Coincidence theory?
I sympathise.
Robin Smith. Oh yes, of course. The FSA are the provisional wing of the UK political class. The Gestapo for the Nazi Party. The Stasi for the East German Communist Party. The NKVD for the Soviets. New Labour needed (and the coalition are going down the same path- just listen to that prat Mark Hoban) to create an alliance with Big Business and International banking to ensure that their agenda was doable, and provided them with all sorts of favours. None of them like blokes like me as we are retained by our clients to judge them all - regulators included.
Robin Smith. Oh yes, of course. The FSA are the provisional wing of the UK political class. The Gestapo for the Nazi Party. The Stasi for the East German Communist Party. The NKVD for the Soviets. New Labour needed (and the coalition are going down the same path- just listen to that prat Mark Hoban) to create an alliance with Big Business and International banking to ensure that their agenda was doable, and provided them with all sorts of favours. None of them like blokes like me as we are retained by our clients to judge them all - regulators included.
Quite. Plus ca change (just been in France) Come the revolution. Keep up the good work.
Have you read this book. I just finished mine. Give me your address and I'll post it.
How The World Really Works
Robin Smith - Not read that one yet. Don't send it to me - keep it to re-read and depress yourself occasionally. I'll buy a copy. If you really insist on sending it to me MW has my work address and will give you that if you email him.
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