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wonderpup

Crime Fighting Fca Style

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Those fearless defenders of law and order at the FCA have finally come up with a strategy to fight fraud in the banking sector- their secret weapon?

according to the FCA, the one thing that should stop banker crime is concerns over the loss of their pristine reputation. Yes, for those wondering, the FCA does resides on this world, a world where bankers at least in the eyes of the FCA, still have something called a "reputation" which is "at stake."

http://www.zerohedge.com/news/2014-12-02/uk-regulator-shocked-slapping-banker-wrists-achieves-nothing

:lol:

What a joke these people are.


Ms. McDermott said that big fines must continue to be meted out to keep bank boards focused on changing their institution’s culture. She refuted claims that the FCA’s approach to fining was “like a soviet tractor factory” — referring to accusations that the regulator was just churning out fines to appease policitians — saying that London’s reputation as a financial center was at stake.

“Enforcement should not be written off as a trip to the headmaster’s office where you take your punishment and leave,” Ms. McDermott said.

Lessons are being learnt. Slowly. The FCA hopes that banks will change in the same way that attitudes to drink driving have altered over time. Ms. McDermott said her parents’ generation didn’t drink and drive for fear of getting caught. “For my generation it was presented as a moral issue… the impact on the lives of other people.

London's 'reputation' as a financial center is built on fraud- it's a feature, not a bug. And this is why nothing is ever done about it.

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Ms. McDermott said that big fines must continue to be meted out to keep bank boards focused on changing their institution’s culture. She refuted claims that the FCA’s approach to fining was “like a soviet tractor factory” — referring to accusations that the regulator was just churning out fines to appease policitians — saying that London’s reputation as a financial center was at stake.

It's not to appease politicians as they still get the brown envelope bungs and the sinecure jobs.

The churning out of fines is now to fund the NHS - it allows them to get off scot free for their crookedness but still pretend that they're being brought to book if they are ever found out. As it's funding the NHS they'll even be trying to pretend it's doing good rather than the reality of it plus it wrecking the economy.

These days most everyone already knows about London's dodgy reputation as a financial centre.

The regulators are conniving but pretending consternation.

Edited by billybong

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