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Yorkshire Bs In Talks With Norwich & Peterborough Bs

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I can reveal that the Yorkshire Building Society , the UK's second-biggest mutual, is in advanced talks to acquire the Norwich & Peterborough (N&P), its smaller rival, as part of a wave of consolidation sweeping sector.

The Yorkshire, which has snapped up several of its rivals during the turmoil of the last three years, has been granted a period of exclusivity by the board of N&P and its advisers within the last few days.

http://blogs.news.sky.com/kleinman/Post:6948b4bd-39bc-424a-80d9-47befef97a2c

N&P were stung by Keydata going bust when again it transpired that being regulated by the FSA was as useful as a chocolate fireguard

As some unlucky investors learn that they will not be compensated for their Keydata losses, the repercussions are being felt through the financial adviser industry and beyond.

More than 8,000 financial advisers - reassured by the fact that Keydata was authorised and regulated by the FSA - sold Keydata bonds.

The bigger firms implicated include adviser AWD Chase de Vere, accountant and adviser PKF and Norwich & Peterborough Building Society. These reputable businesses will face fury and possibly litigation from customers.

One angry executive described FSA's failure to police Keydata as 'abominable, unbelievable and unforgivable'.

Chris Cummings of adviser trade body the Association of Independent Financial Advisers says: 'The FSA failed to mind the shop

http://www.thisismoney.co.uk/news/article.html?in_article_id=501449&in_page_id=2

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N&P were stung by Keydata going bust when again it transpired that being regulated by the FSA was as useful as a chocolate fireguard

Does the FSA do anything other than sit around all day smoking weed?

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Does the FSA do anything other than sit around all day smoking weed?

They like to have a good party.....

Over the past six years, festive Christmas party expenditure has been thus; £140,569 in 2004, £246,189 in 2005, £265,171 in 2006, £271,419 in 2007, £228,462 in 2008 and £107,814 in 2009.

http://www.ifamagazine.com/article/fsa-christmas-parties-costing-%C2%A3125-million

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IFA says FSA wern't doing their job.

And how did the IFA justify their fees? I'm prefectly capable of writing my name in a box.What value did the IFAs add?

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IFA says FSA wern't doing their job.

And how did the IFA justify their fees? I'm prefectly capable of writing my name in a box.What value did the IFAs add?

The IFAs made sure their clients were only investing in firms regulated by the FSA. So they wouldn't lose any money in a scam.

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They like to have a good party.....

Over the past six years, festive Christmas party expenditure has been thus; £140,569 in 2004, £246,189 in 2005, £265,171 in 2006, £271,419 in 2007, £228,462 in 2008 and £107,814 in 2009.

http://www.ifamagazine.com/article/fsa-christmas-parties-costing-%C2%A3125-million

A bit harsh to have it halved in 2009, that was probably the busiest year dealing with the fallout

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The FSA are useless they are there to cover up and bury the bad business at the big businesses and make an example of a few (very few) small fish so as not to rock the boat and still seeming to be performaing some sort of regualtory control.

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A bit harsh to have it halved in 2009, that was probably the busiest year dealing with the fallout

Maybe because they had seen such as NR balance sheets in 2006 & 2007 they bought lots of champers then for parties in future years?

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The FSA are useless they are there to cover up and bury the bad business at the big businesses and make an example of a few (very few) small fish so as not to rock the boat and still seeming to be performaing some sort of regualtory control.

The FSA is a little more actively harmful than that. Smaller businesses are less able to cope with the regulatory burden imposed by the FSA and don't have the resources to employ the full time compliance staff that the bigger outfits do. The result is a reduction of competition in favour of firms big enough and wealthy enough to pay someone to fill in forms all day. I've sat through presentations at the FSA where the frustration and anger of smaller business owners and managers was palpable

This isn't restricted to finance. I have a lot of family and friends in the food business and the level of gratuitous regulation has grown to the point where it is stifling and a significant burden. The McDonalds of this world love it

The events of 2008 demonstrate that the FSA was institutionally incapable of protecting customers of the financial services industry from self-inflicted catastrophic collapse. Senior FSA staff should have been given the boot and the role of the entire authority (and any successors) rethought from scratch

That is, if you believe that the FSA is supposed to do what we are told it is there for. Personally, I've grown to doubt it

Edited by Charlton Peston

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The FSA is a little more actively harmful than that. Smaller businesses are less able to cope with the regulatory burden imposed by the FSA and don't have the resources to employ the full time compliance staff that the bigger outfits do. The result is a reduction of competition in favour of firms big enough and wealthy enough to pay someone to fill in forms all day. I've sat through presentations at the FSA where the frustration and anger of smaller business owners and managers was palpable

This isn't restricted to finance. I have a lot of family and friends in the food business and the level of gratuitous regulation has grown to the point where it is stifling and a significant burden. The McDonalds of this world love it

The events of 2008 demonstrate that the FSA was institutionally incapable of protecting customers of the financial services industry from self-inflicted catastrophic collapse. Senior FSA staff should have been given the boot and the role of the entire authority (and any successors) rethought from scratch

That is, if you believe that the FSA is supposed to do what we are told it is there for. Personally, I've grown to doubt it

All regulators in the UK are there to facilitate large firms to make more money from their customers and to try squash their competitors.

The FSA are there for one reason - to help the big banks.

Another example is the Gambling Commission. You only have to look at their fee structure to see whose interests they have at heart - major bookmakers.

Ladbrokes have 2000 shops and pay about £100 a shop. A small independent bookmaker pays about £17k for 4 shops - over £4k each shop!!

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All regulators in the UK are there to facilitate large firms to make more money from their customers and to try squash their competitors.

The FSA are there for one reason - to help the big banks.

This story is from Canada, it's about eggs not financial services but it does include a blinding quote...

'Why take the chance when you have the ability to purchase a product from a government-approved source?'

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This story is from Canada, it's about eggs not financial services but it does include a blinding quote...

'Why take the chance when you have the ability to purchase a product from a government-approved source?'

The parable is clear though. Large corporations will always race to the bottom of any industry and have to be regulate to prevent them from damaging the public, small businesses on the other hand only operate because they protect their customers. :angry:

It would be interesting to generate independent figure for an industry that has a fat cat regulator and then expose the truth.

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  • 312 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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