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Byron

Do We Need A New Police Force For Finance

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Is it time to set up a new Police Force to deal with financial irregularity? The existing forces are not set up for this and also do not have the time to deal with the problem.

I am talking about all forms of swindling, ranging from the shady second hand car dealer who regularly goes out of business and re opens under a diffrent name in order to avoid obligations on cars already sold, through lying EAs right up to mighty bankers.

It seems to me that the gentlemanly ways of the FSA and even local trading standards are not up to the job. What we need is hard nosed 'Men from Mars' who will smash the door in with a 'Good morning sunshine, get your coat, your nicked' type of approach. Bang 'em up and sort out the questions afterwards.

I think rather than the milk and water of the polite FSA civil servants, the thought that they might be run in, banged up and heavied by the rozzers, would act as a deterrent.

Imagine an EA in the dock trying to explain their 'Its different this time' 'Now is a good time to buy a house' 'Interest rates have never been lower, do not miss the bottom' 'Recovery insight' and other nonsense to a court concerned only with fact and not interested at all in airy opinions.

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Tricky business.

In Italy they have the "Guardia di Finanza" which should do exactly that but are instead busy harassing small businesses and ignoring the behemoth black market.

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Is it time to set up a new Police Force to deal with financial irregularity?

.................................................

No. We are in a recession and do not need anything that adds to public expenditure.

p-o-p

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Tricky business.

In Italy they have the "Guardia di Finanza" which should do exactly that but are instead busy harassing small businesses and ignoring the behemoth black market.

Agreed, they would just go after the soft targets, without the means and influence to fight back.

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No. We are in a recession and do not need anything that adds to public expenditure.

p-o-p

And at times like these the risk of knee jerk over regulation are greater than under regulation.

Regulators have rarely been able to stop financial scandals whoever they have been.. the BOE was in charge when ednowments was tickling along, the FSA was ion charge while precipce bonds were in creation..... both have in charge while interest only loans with no investment vehicle have been in place.

For me whoever is there it will be difficult to spot these coming and it will be difficult to have a system where fraud etc doesn't occur.

I'd be having a closer look at the canadian system where there has been no banking collapse to see what they have done differently... I think its something to do with ensuring their banskhave a spread of asset allocation.

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  • 407 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% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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