Sants: MAS will do its bit for consumer education

Inappropriate

This is all as may be but it does not address the fundamental issue that it is inappropriate for the MAS to be funded by a levy across the financial industry and planning profession. It does not happen in any other sector to my knowledge and is another example of how flawed are the powers the regulators have under FSMA. No-one who is paying, has any representation or ability to object and that cannot be constitutional (or ethical?) notwithstanding the 'legal' premise on which such decisions are being imposed.

Posted by: Duncan Carter

Please!

That all seems very constructive, but it is unsurprising that the FSA is not trusted. In 2009, at the FSA’s Annual Public Meeting, I asked Hector Sants why the regulator was permitting execution-only sales to potentially vulnerable customers such as first time buyers. The rather smug reply, from Jon Pain (where is he now?), was that “This would all be addressed in the Mortgage Market review” later in 2009. The MMR has now been “Postponed” until later this year (hello, I thought they were still consulting), which is totally irrelevant because the MMR has already been imposed on lenders – look at interest-only above 75%, lending into retirement etc, all now getting unobtainable at the behest of the FSA. They sat back and did nothing about dual-pricing, execution-only mortgages and the impending collapse of the banking system and are now engaged in destroying the housing market by stealth, which will demolish the liquidity of another tranche of financial institutions and precipitate a repeat of the recent disasters. When is the government going to wake up and take responsibility for stopping this out-of-control leviathan?

Posted by: Stuart Duncan

In your dreams.

Oh do come down off your Ivory Tower hector old chap! If you had any real appreciation of the audience you are targeting you would know that most of them are innumerate. Even those who are supposed to be educated are pretty pathetic. Don’t you read Money Management? I suggest you take a look at the June Editorial – second column, second paragraph. Unless it’s advertising football, beer or makeup most of the audience goes to make a cup of tea while the ads are on. Those who want to engage with finance do – where do you think our customers come from – Mars? That this is a monumental waste of money is something you will have yet to realise, but by then you will probably be safely tucked up in your new sinecure. Before spending our money, perhaps the Patricians should refer to the troops – they might just achieve better results. (Isn’t ‘result’ a better word than ‘outcome’? Why do you regulators have to mash our language as well as everything else?)

Posted by: Harry Katz

Not True

Whichever way you look at it the burden will fall on advisers. Less advisres and less clients with advisers. More confusion and no real Plan B to deal with the desultory aftermath. Fewer advsiers funding a growing MAS expenditure, a growing FSCS imposition and an equally revenous FCA. Within this we are expected to survive and maybe help educate consumers...

Posted by: Alan Lakey

Hectors House

Personally I wish that Hector would just f*ck off. I'm utterly bored and sick of him.

Posted by: Captain Prat

MAS will do its bit for education

Can someone remind me on Monday to organise a levy on the car industry(including all small garages and shops that sell car parts) to teach us all about cars. OOPs just seen a pink pig fly by.

Posted by: terry

Hear hear!

I'm with Captain Prat.

Posted by: Ballbag