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buzzardo

Has Margaret Beckett Broken The Law...

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I know the article itself has been posted a couple of times already, but I'm intrigued by the legal implications here.

I'm not that familiar with the law in this field, but surely she's overstepped the mark in the media today? I recognise that the media are generally exempt under the Financial Services Act, but this article seems to involve a government minister actively giving investment advice to the masses...

Not something I'd get away with, as a mere commoner, so why should she?

Thoughts?

Best for a good weekend.

B

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I was wondering this.

I'm a Chartered Accountant - you can be struck of for giving advice like this if you haven't properly researched the financial stuation of the person you are advising and don't explain the risks.

edit - spelling

Edited by Dunroamin'

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I was wondering this.

I'm a Chartered Accountant - you can be struck of for giving advice like this if you haven't properly researched the financial stuation of the person you are advising and don't explain the risks.

edit - spelling

so how can we organise some sort of class action suit? can you imagine the massive impact we could have on house prices if a Govt. official was legally taken to task for suggesting that they are a good investment?

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No.

Because this was said on the premise of people buying a 'home'. For a 'hard working family'. So they then become a 'homeowner'.

Hence it is not an investment, it is a 'home'.

The usual VI suspects seem to have made an about turn about this too. Suddenly forgetting about 'investing' in property and concentrating on it being a 'home' for you and your 'hard working family'.

Sickening.

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Ironically - and rather sadly in my opinion - Jonathan Davies was hounded off HPC for publicly warning people of the risks of what Beckett has just encouraged.

IMHO FP did the public far greater service than Beckett ever has in this regard.

Edited by Dave Spart

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Ironically - and rather sadly in my opinion - Jonathan Davies was hounded off HPC for publicly warning people of the risks of what Beckett has just encouraged.

IMHO FP did the public far greater service than Beckett ever has in this regard.

Can you briefly summarise the FP affair?

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Can you briefly summarise the FP affair?

+1

i've always thought that he did a good job at presenting the HPC case in the mainstream. from what i understand the main criticism levelled at him is that he called the crash 'too early' but surely if prices end up at pre-2001 levels his premise that house prices were over valued and due a crash surely hold true. none of us expected that we were playing with quite such loaded dice against a govt. that will do ANYTHING in it's power to perpetuate HPI. in my view he was right to call the crash as early as he was since it would have happened much sooner if the govt. hadn't kept moving the goal posts.

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Random man said he'd sic the FSA lawyers on FP's ass, and claimed he had the right "connections" to kick him out of his job.

FP left.

End of.

Surely if FP came back and gave advice on House prices and nothing investment wise - there would be no issue ?

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Ironically - and rather sadly in my opinion - Jonathan Davies was hounded off HPC for publicly warning people of the risks of what Beckett has just encouraged.

IMHO FP did the public far greater service than Beckett ever has in this regard.

Ironically, you are talking utter tosh

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I know the article itself has been posted a couple of times already, but I'm intrigued by the legal implications here.

I'm not that familiar with the law in this field, but surely she's overstepped the mark in the media today? I recognise that the media are generally exempt under the Financial Services Act, but this article seems to involve a government minister actively giving investment advice to the masses...

Not something I'd get away with, as a mere commoner, so why should she?

Thoughts?

Best for a good weekend.

B

A house is not a financial instrument and she's not giving mortgage advice so I doubt there's any legal implications here, AFAIK FSMA doesn't apply.

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What makes Margaret Beckett an authority on housing?

She has been recently given the housing ministers job but she has no past experience on housing.

Thats the problem many people will presume she is an expert on housing and take notice of her when

she is only saying what she is being told to say by labour spin doctors.

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Random man said he'd sic the FSA lawyers on FP's ass, and claimed he had the right "connections" to kick him out of his job.

FP left.

End of.

FP last logged on 16th January 2009 - 07:12 AM .......he's probably taking a break .......from the abuse ;)

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FP last logged on 16th January 2009 - 07:12 AM .......he's probably taking a break .......from the abuse ;)

from taking it or giving it?

:ph34r:

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Bit of both i reckon ;)

I wondered that as well (has Beckett broken the law). I am a Chartered Surveyor (boo hiss). If I were to give advice (even for free) that turns out to be bogus then I am acting irresponsibly and can be sued under agency law. There is both case law and statute to back this up. In effect, as a professional person, my advice is given with that responsibility and a "reasonable" person could rely on it, even if there is no consideration (payment) for that advice. I forget the actual case law but the brother in law of a surveyor sued him (successfully) when the property in question turned out to have structural defects (think it was wet rot). He hadn't inspected it as he wasn't instructed to but this didn't matter. I think he gave the "opinion" in the boozer or over dinner. Agency law is a minefield-you should all look up "ostensible authority" and the laws of estoppel. Basically anybody can "rely" on the advice of people in authority. If it goes belly up then watch out if you made the statement.

Good example. If a Planning Officer says (before you buy a tract of land)-yep you will get planning permission and then the Planning Authority turns it down (after purchase) then the Officer is in deep trouble and you can sue him and the Planning Authority as he is "estopped" from suddenly withdrawing that opinion. Comes under "Vicarious Liability" as well. End of lesson. Anybody any the wiser?

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Guest sillybear2

Property is unregulated, any old mug can give out advice with impunity.

Hence Krusty and Phil.

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Has Margaret Beckett Broken The Law

No.

Laws only apply to the little people and even then, it's only laws that bring in cash like littering, overfilling your bin or speeding that are enforced.

If you see a law such as this being broken, please report it to your local revenue office, sorry, police station.

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I wondered that as well (has Beckett broken the law). I am a Chartered Surveyor (boo hiss). If I were to give advice (even for free) that turns out to be bogus then I am acting irresponsibly and can be sued under agency law. There is both case law and statute to back this up. In effect, as a professional person, my advice is given with that responsibility and a "reasonable" person could rely on it, even if there is no consideration (payment) for that advice. I forget the actual case law but the brother in law of a surveyor sued him (successfully) when the property in question turned out to have structural defects (think it was wet rot). He hadn't inspected it as he wasn't instructed to but this didn't matter. I think he gave the "opinion" in the boozer or over dinner. Agency law is a minefield-you should all look up "ostensible authority" and the laws of estoppel. Basically anybody can "rely" on the advice of people in authority. If it goes belly up then watch out if you made the statement.

Good example. If a Planning Officer says (before you buy a tract of land)-yep you will get planning permission and then the Planning Authority turns it down (after purchase) then the Officer is in deep trouble and you can sue him and the Planning Authority as he is "estopped" from suddenly withdrawing that opinion. Comes under "Vicarious Liability" as well. End of lesson. Anybody any the wiser?

So the "property only goes up" brigade could get their loathsome asses sued to death by the sheeple? She is not setting herself up as an expert in the field, she is just giving her (scripted) ministerial opinion, as the banks need the sheeple fully primed for when they succeed in crashing the market back to lendable levels IMO.She isn`t covered by "agency law"?

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I wondered that as well (has Beckett broken the law). I am a Chartered Surveyor (boo hiss). If I were to give advice (even for free) that turns out to be bogus then I am acting irresponsibly and can be sued under agency law. There is both case law and statute to back this up. In effect, as a professional person, my advice is given with that responsibility and a "reasonable" person could rely on it, even if there is no consideration (payment) for that advice. I forget the actual case law but the brother in law of a surveyor sued him (successfully) when the property in question turned out to have structural defects (think it was wet rot). He hadn't inspected it as he wasn't instructed to but this didn't matter. I think he gave the "opinion" in the boozer or over dinner. Agency law is a minefield-you should all look up "ostensible authority" and the laws of estoppel. Basically anybody can "rely" on the advice of people in authority. If it goes belly up then watch out if you made the statement.

Good example. If a Planning Officer says (before you buy a tract of land)-yep you will get planning permission and then the Planning Authority turns it down (after purchase) then the Officer is in deep trouble and you can sue him and the Planning Authority as he is "estopped" from suddenly withdrawing that opinion. Comes under "Vicarious Liability" as well. End of lesson. Anybody any the wiser?

Property is an unregulated investment, so not covered by rules covering investment advice.

You of course are in a very different situation because you are a chartered surveyor. Your opinions are backed by a professional qualification and you have liability for the things that you say. The assumption would be when discussing property that you do from a professional perspective, unless you specify otherwise

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Ah, I see the obvious get out.

A chartered accountant discussing investments or tax, or a chartered surveyor discussing propoerty can reasonably be expected to be speaking from a knowledgeable position and hence should be prepared to take responsibility for their advise.

A government minister on the other hand.......

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Ironically, you are talking utter tosh

Ironically, ironically it is not tosh it is absolutely true. Jonathan was a great spokesperson and someone got a bee in their bonnet who as said was a chartered accountant or some such. Not sure the motivation - jealousy? but they did a good job of dousing the message when it was most needed. It was only a couple of months ago. Suspected VI interest misef although the person themselves professed to be a bear.

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  • 284 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
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      • Even
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      • up 5%



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