Free Banking Damages Competition And Customers, Says Fsa Chairman Lord Turner

[Democorruptcy]

The FSA is one of the most useless organisations known to man - from a consumers point of view. It is typical of all regulation in the UK - they think they are there to fleece end users for the benefit of those they are supposed to be regulating.

How else could what has happened, happened? NR, Liar loans, banks still too big to fail, mortgage review continually put aside.

When it says it is worried about firms "mis-selling products to customers" - it's like a Gerald Ratner "I sell shit" moment "We cannot stop mis-selling because our regulation is useless"

The government is predicting the UK bank levy will raise £8bn in 4 years - any charges to current accounts is to make sure the public pay for it.

The FSA is an old boys club for ex-bankers to make sure their old colleagues make as much money as possible:

Until September 2008 Lord Turner was a non-executive Director at Standard Chartered Bank; from 2000-2006 he was a Senior Adviser, Vice-Chairman of Merrill Lynch Europe.

[Milton]

Also posted on the Telegraph this Morning: 6:00AM GMT 24 Nov 2010

http://www.telegraph...ord-Turner.html

Too tight a regime is the real cause of our mutuals' woes, [ says Damian Reece ]

Lord Turner once again gave us pause for thought on Tuesday. Having previously questioned the social utility of banks, the chairman of the Financial Services Authority (FSA) was questioning the future of our building societies when he appeared in front of the Treasury Select Committee.

One of the biggest mistakes, according to Lord Turner, was to allow building societies to diversify into commercial lending and buy-to-let mortgages.He believes there is a case to revisit the liberalisation of building societies in the 1980s and 1990s.

But many of their [building Societys] problems are caused not by too liberal a regime but by an already highly restrictive regime, especially compared with the banks, and one which is enshrined in legislation. If building societies didn't do buy-to-let mortgages, who would? [Asks Damian Reece!]

Jesus Christ. How about no-one ever again? How about Taxing BTL into oblivion? How about offsetting mortgage interest against tax liability? How about recognising the social injustice it has caused? How about stopping stealing my money to pay for this toxic mortgage debt? Thus ensuring I stay in debt slavery for another decade?

How about simply doing the right F@@@@@g thing?

Edited November 24, 2010 by Dan1