Bloody bankers

[Cyberman]

I think the FSA say you only need to know what it is if you're (personally) trading it.

I agree with the general sentiment.

... but the people making the deals should have understood them, and it appears that many did not.

[Doggy Styles]

... but the people making the deals should have understood them, and it appears that many did not.

True, but it was the FSA's job to police them.

The Bank used to, but that wasn't complicated enough for Gordon.

[Cyberman]

The FSA are useless. Has anyone read the statement by that compliance bloke who HBOS sacked years ago for warning them about their stupid risk-taking?

Who set up the FSA anyway?

Broon split the FSA, the BofE and Treasury into separate units, and thus they lost their drive and direction and all abdicated responsibility for any mess !! This was yet another of his huge mistakes as Chancellor.

[Shimano105]

This is, I presume, the same FSA as was run by that guy who sacked the HBOS risk manager for daring to tell the truth.

He's gone now - what did you say to him?

[BrilloPad]

... but the people making the deals should have understood them, and it appears that many did not.

Those traders will buy and sell anything : dog poo : even if it came from a mongrel.

[EternalOptimist]

Possibly a stupid question, but what exactly is the role of

a director
a non executive director
a chairman


in this scenario ?

[AlfredJPruffock]

The FSA are useless. Has anyone read the statement by that compliance bloke who HBOS sacked years ago for warning them about their stupid risk-taking?

Who set up the FSA anyway?

Possilby the Monoply Commission.

But hold on - how come there is only one Monopoly commission ?

[Doggy Styles]

Possilby the Monoply Commission.

No, the Chancellor of the Exchequer. This, from the FSA's own webtulipe:

"The Chancellor of the Exchequer announced the reform of financial services regulation in the UK and the creation of a new regulator on 20 May 1997.

The Chancellor announced his decision to merge banking supervision and investment services regulation into the Securities and Investments Board (SIB). The SIB formally changed its name to the Financial Services Authority in October 1997.

The first stage of the reform of financial services regulation was completed in June 1998, when responsibility for banking supervision was transferred to the FSA from the Bank of England. In May 2000 the FSA took over the role of UK Listing Authority from the London Stock Exchange. The Financial Services and Markets Act, which received Royal Assent in June 2000 and was implemented on 1 December 2001, transferred to the FSA the responsibilities of several other organisations:

Building Societies Commission
Friendly Societies Commission
Investment Management Regulatory Organisation
Personal Investment Authority
Register of Friendly Societies
Securities and Futures Authority
In addition, the legislation gives us some new responsibilities – in particular taking action to prevent market abuse.

In October 2004, following a decision by the Treasury, we took on responsibility for mortgage regulation. In January 2005, to implement the Insurance Mediation Directive and in accordance with a Government announcement in 2004 we took on regulation of general insurance business."

For the most part, all the above worked until Gordon started messing around with it. Until 1997, banks had more or less balanced lending and savings. The books balanced.

This demonstrates exactly who is at fault for all this - the idiot in number 10.