This is some text prior to the author information. You can change this text from the admin section of WP-Gravatar To change this standard text, you have to enter some information about your self in the Dashboard -> Users -> Your Profile box. Read more from this authorThe Financial Services Authority (FSA) was created by Gordon Brown in 1997 and designed to regulate UK banks, issuing fines and penalties if they misbehaved. Basically they were the police of the banks, only that’s not really fair on the Police. That’s because the FSA didn’t stop the banks misbehaving and a few million mis-sold PPI victims and unemployed people across the UK can vouch for that.
Anyway, it seems the shelf life of an FSA is 15 years because the current Chancellor of the Exchequer George Osborne said he will abolish the Financial Services Authority and give most of its power to the Bank of England, starting in 2012. Osborne blames the FSA for failing to prevent the financial crisis that left us in the deepest recession in post war times.
Over the next two years the watchdog will be wound down and replaced by three bodies:
- Prudential Regulatory Authority
- Financial Policy Committee
- Consumer Protection & Markets Agency
Whether having three regulators instead of one will make any difference remains to be seen and many have already criticised the move as “simply rebranding”.
Related posts:
- Mis sold PPI, Endowments And The Rest, Now The FSA Finally Take Charge
- Payment Protection Insurance Mis-selling Catches Up With Sub-Prime Lender
- Mis-Sold PPI, Unfair Bank Charges And Now Extortionate Interest Rates, The UK Banking System Sucks
- Mis Sold PPI And Unfair Bank Charges Weren't Prevented Effectively By The FSA
- PPI Claims And Erroneous Trading Data = A Fine Mess
