FCA chief: Mass mis-selling not possible under new regulator

This man is a dangerous fool

I find it hard to accept Martin Wheatley could possibly have such blind faith in the ability of regulation to protect the public in the face of such overwhelming evidence to the contrary. We sit here in the teeth of a recession with markets tumbling all around us - much of which was the direct result of poor regulatory oversight - and this fool clings to the notion that regulation can be effective. The only certainty is that regulation will fail to protect the public but not before it has given a false impression of safety. The question is not if regulation will fail to prevent mis-selling but when and it would be less disingenuous if Mr Wheatley started his tenure by accepting this

Posted by: Richard Ross

Epic Fail

So, the answer is always more authoritarianism by unellected functionaries of limited ability is it? In other words the FCA will de fcat nationalise financial product manufacture. Just look around you. When has any of these ramshackle bureaucracies ever produced anything useful? Furthermeore if it risible to think that a few unacountable functionaries possess unique and superior wisdomw than the rest of the population. Final point. 'Mis-selling' is a weasel word. It is built on the Newspeak technique straight out of 1984. Which the Failed FSA has been using as a manual as opposed to a caution.

Posted by: Steven Farrall

Cock eyed optimist!

Ah – what Hubris! Let us hope that Nemesis doesn’t follow – we the regulated can’t afford it! Let’s mix our metaphors. Pride cometh before a fall – and he hasn’t even started yet!

Posted by: Harry Katz

Bad Start

How can a regulator claim to be able to prevent misselling by examining the profitability of products? No mention of the Elephant in the Room - bank sales staff.

Posted by: Green Eyed Monster

I wonder

How long it will take for this bloody fool to have to eat his words. 'And God said I will send a plague upon the Financial Services Industry managed by fools of the highest order and call it regulation'.

Posted by: M J Winfield

Foolish or bold?

i don't know much about this man but his claims are either supported by insider knowledge of just what the FCA is going to unleash come 1.1.13, or he is wildly optimistic. What however does come through in the style of language being used by all the current FSA mandarins, is that there will in practice be very little change in culture come the day. All a bit depressing really

Posted by: Duncan Carter

Some hope

Mr Wheatley, does this mean that when there is a mass mis-sell you will put your hand up, say sorry and pay the compensation yourself. You better start saving.

Posted by: KS

Strong words

Strong words, probably because by the time they have finished no one will be left to sell anything, no one will want to save and any business will be done online without advice !! Regulation doesn't work and one can only hope one day some bright spark in their midst will realise that but probably not until the majority have been bankrupted by their never ending failures. If it works why are we all in the worst financial crisis for many many decades?

Posted by: Michael Fallas

The man's a fanny

From a long line of Fanny's

Posted by: Paul Burnside

Breast Implants?

No doubt this guy will end up regulating breast implants! He could put a stop to ALL mis-selling. Imagine all Cosmetic Surgeons having to pay the costs of removing breast implant products they did not use, because they considered them inferior quality, while their competitors coined in the cash. (Keydata?) Let alone expecting them to rectify the shoddy work they DID do. It is time that IFAs and the Financial Services industry generally were treated in exactly the same way as other industries (or vice versa). Give us a break !

Posted by: Grosvenor