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Rein Back the Financial Services Authority
Intrusive regulatory regime, (opining that the FSA was) increasingly a tool of the Treasury
Quote by: Oliver Letwin
Quote made on: July 2004
Quote Submitted by: Financial Foot in Mouth
Source: The Sunday Times
Editor's Notes
In July 2004, Oliver Letwin stated that an incoming Conservative government would abolish or rein back the Financial Services Authority (FSA) because of its “Intrusive regulatory regime”, opining that the FSA was, “increasingly a tool of the Treasury” which threatened to squeeze the life out of the City by over-regulating it.
It is interesting that, only a few short years later, light touch regulation is being seen as one of the primary reasons for our current economic woes. Indeed, the long-awaited report into the failure of the Royal Bank of Scotland was published in December 2011 and, principal among its causes, were `light touch regulation and a catalogue of financial errors’ (Daily Mail). Populist statements, either in government or opposition often come back to haunt politicians.
(3 votes, average: 6.33 out of 10)
Loading ...Published on: July 8, 2012
Respectable Companies
inhibiting perfectly respectable companies that have never defrauded anyone.
Quote by: Tony Blair
Quote made on: 2005
Quote Submitted by: Financial Foot in Mouth
Source: Financial Times
Editor's Notes
Not to be outdone, Tony Blair made a speech in 2005 in which he attacked the Financial Services Authority for “inhibiting perfectly respectable companies that have never defrauded anyone.”
Six years on, it is questionable whether the British public quite shares this sympathetic view of financial services organisations. As an example of such ill-advised practice, the report into the the collapse of The Royal Bank of Scotland subsequently showed, `the Financial Services Authority allowed (RBS) to run high risks with low stocks of capital and liquid assets and left it vulnerable to a loss of investor confidence…. and underscore how the regulator`s light touch approach, which emphasised cooperation rather than confrontation, helped speed RBS down the road to catastrophe’ (Financial Times).
(1 votes, average: 1.00 out of 10)
Loading ...Published on: July 7, 2012
Marcus Brookes, on the short term prospects for the FTSE.
I wouldn`t be at all surprised if markets fell by 10% next week. We have moved back into cautious assets until the bigger picture is clearer
Quote by: Marcus Brookes, Head of Cazenove`s Multi Manager Diversity fund
Quote made on: FE Trustnet News and Research
Quote Submitted by: 10 February 2012
Source: Mr H Towers
Editor's Notes
FTSE 100 (10/02/2012 @ 12.30 p.m.): 5845 FTSE 100 (17/02/2012 @ Close): 5905 (up 1.03%) FTSE 100 (20/02/2012 @ Close): 5945 (up 1.71%) Well, you pays your money……..
(2 votes, average: 9.50 out of 10)
Loading ...Published on: February 20, 2012
