Cavegirl Posted October 25, 2012 Share Posted October 25, 2012 FSA says no more toxic mortgages. It's taken long enough for relevant parties to acknowlege their legacy, so this latest from the FSA comes as no surprise whatsoever. Long overdue, to be fair. Get out of your cave and keep up Ah yes, the FSA, that bastion of the average worker's protection with a truly iron bite! Who, since 2007, have struck fear into the hearts of the multi-billion pound corporations by collecting fines totalling £323.3 million for fraud and malpractice. Well that went a long way to recouping the bail out costs of £850 billion, nevermind the profits made since the '80's from selling these malignant products, and I'm sure it will make the banks/ capitalists think twice before repackaging mortgages into complex financial products again. http://www.fsa.gov.uk/about/media/facts/fines/2012 http://www.independent.co.uk/news/uk/politics/163850bn-official-cost-of-the-bank-bailout-1833830.html Link to comment Share on other sites More sharing options...
Anna Glypta Posted October 25, 2012 Share Posted October 25, 2012 Ah yes, the FSA, that bastion of the average worker's protection with a truly iron bite! Who, since 2007, have struck fear into the hearts of the multi-billion pound corporations by collecting fines totalling £323.3 million for fraud and malpractice. Well that went a long way to recouping the bail out costs of £850 billion, nevermind the profits made since the '80's from selling these malignant products, and I'm sure it will make the banks/ capitalists think twice before repackaging mortgages into complex financial products again. http://www.fsa.gov.uk/about/media/facts/fines/2012 http://www.independent.co.uk/news/uk/politics/163850bn-official-cost-of-the-bank-bailout-1833830.html Perhaps it was a grave mistake to set up the FSA and then put them in charge of regulation of our financial institutions. Link to comment Share on other sites More sharing options...
Obelix Posted October 25, 2012 Share Posted October 25, 2012 Perhaps it was a grave mistake to set up the FSA and then put them in charge of regulation of our financial institutions. Remind me again which Govt set the FSA up...? Link to comment Share on other sites More sharing options...
puisseguin Posted October 25, 2012 Author Share Posted October 25, 2012 Its a policy to be upbeat, who wants to know the truth? So business is booming, or is that the financial sector, as manufacturing, as in making stuff, continues to decline. Or not as the case may be http://www.talktalk.co.uk/news/business/article/motor-manufacturing-turnover-up-12/53021/ The turnover from motor industry manufacturing rose last year, with record levels expected to be reached by 2015, it has been announced. Automotive manufacturing turnover for 2011 was £55 billion - a 12% increase on 2010, the Society of Motor Manufacturers and Traders (SMMT) said. Combined car and commercial vehicle production last year reached 1.46 million which was a 5.1% rise on the 2010 total. Then this year... http://www.guardian.co.uk/business/2012/aug/16/uk-car-industry-rise-production British car production is still revving ahead of the rest of the economy after official figures showed an increase in output for the 13th month in a row. Almost 120,000 cars were built in the UK in July, which is up 22% on the same period last year, according to the Society for Motor Manufacturers and Traders (SMMT). The figures came in the same week that one of the industry's great export successes, Jaguar Land Rover, moved to a 24-hour operation in order to keep up with soaring demand from Asia. The latest SMMT total means that year-to-date production is running at 875,998, an increase of 15%. Link to comment Share on other sites More sharing options...
WeX Posted October 25, 2012 Share Posted October 25, 2012 Remind me again which Govt set the FSA up...? Its been around since 1985 in one form or another. When did the problems start? Which government was in power at the time? Which government lent of the FSA to "regulate with a soft touch"? and finally Which government abolished the FSA? Link to comment Share on other sites More sharing options...
Anna Glypta Posted October 25, 2012 Share Posted October 25, 2012 Its been around since 1985 in one form or another. When did the problems start? Which government was in power at the time? Which government lent of the FSA to "regulate with a soft touch"? and finally Which government abolished the FSA? Clearly Gordon doesn't agree with you. Gordon Brown: I made a big mistake when setting up FSA http://www.moneymarketing.co.uk/politics/gordon-brown-i-made-a-big-mistake-when-setting-up-fsa/1029361.article Gordon Brown has admitted he made a big mistake while setting up the FSA because he did not appreciate the entangled relationships of financial services institutions. In a keynote speech to the Institute for New Economic Thinking at the Bretton Woods conference in New Hampshire on Saturday, Brown said the FSA was set up on the assumption problems would come from individual institutions. He said: “We set up the FSA believing the problem would come from an individual institution. That was a big mistake. We did not understand just how entangled things were. “We did not understand how risk was spread across the system, we did not understand the entanglements of different institutions and we did not understand, even though we talked about it, just how global things were. “So we created a monitoring system which looked at individual institutions. That was the big mistake.” Link to comment Share on other sites More sharing options...
WeX Posted October 25, 2012 Share Posted October 25, 2012 Clearly Gordon doesn't agree with you. Gordon Brown: I made a big mistake when setting up FSA http://www.moneymarketing.co.uk/politics/gordon-brown-i-made-a-big-mistake-when-setting-up-fsa/1029361.article Gordon Brown has admitted he made a big mistake while setting up the FSA because he did not appreciate the entangled relationships of financial services institutions. In a keynote speech to the Institute for New Economic Thinking at the Bretton Woods conference in New Hampshire on Saturday, Brown said the FSA was set up on the assumption problems would come from individual institutions. He said: “We set up the FSA believing the problem would come from an individual institution. That was a big mistake. We did not understand just how entangled things were. “We did not understand how risk was spread across the system, we did not understand the entanglements of different institutions and we did not understand, even though we talked about it, just how global things were. “So we created a monitoring system which looked at individual institutions. That was the big mistake.” The FSA started as the Securities and Investments Board back in 1985, but its current format im unsure who created that. Link to comment Share on other sites More sharing options...
Anna Glypta Posted October 25, 2012 Share Posted October 25, 2012 The FSA started as the Securities and Investments Board back in 1985, but its current format im unsure who created that. Wouldn't that be SIB? Clearly Gordon Brown thinks he set the FSA up.. "Gordon Brown has admitted he made a big mistake while setting up the FSA because he did not appreciate the entangled relationships of financial services institutions". http://www.bloomberg.com/news/2010-06-16/u-k-scraps-fsa-in-biggest-bank-regulation-overhaul-since-1997.html U.K. Scraps FSA in Biggest Bank Overhaul Since 1997 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, undoing the regulatory system set up by Gordon Brown in 1997. Link to comment Share on other sites More sharing options...
Vague_Boy Posted October 25, 2012 Share Posted October 25, 2012 Who is bothered what some quango says? Especially when it isn't what you want to hear. Link to comment Share on other sites More sharing options...
robcalder Posted October 25, 2012 Share Posted October 25, 2012 It sounds more like a bunch of lefties on here are trying desperately to talk down the economy because their party isn't getting us out of the mess that Labour caused. If I were you I'd not switch on the news tonight because sensible commentators will be presenting figures you just don't want to hear. Unemployment down. Jobs at record levels Economy growing. Sad isn't it. Spot on, they dont like it up em. Link to comment Share on other sites More sharing options...
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