The FSA dithers again...

For those that were still under the illusion that the FSA exists to protect the consumer the feature and article by the MP Ed Vazy will make uncomfortable reading.

From LAUTRO 13 to Bank Charges to Zero Bonds to Banking supervision the FSA has failed the consumer on every occasion while managing to protect is own interests and that of the Banks, Providers and political masters.

This is a organisation that is a complete failure and failure due not the staff but the senior management who bear the complete responsibility for such unmitigated shambles. It appear that almost all of the senior management at the FSA were recruited from the Banks the same banks whose senior management made such a mess.

This time the use of the "wider implications" rule imvoked by teh FSA could not be clearer they are reluctant to explain why these structured products were allowed to be sold as guaranteed and secure, why the ultimate destination - Lehaman Brothers" was hidden for investors. Why did the FSA allow them to be sold and who is going to pay the compensation.?

Structured products and the "Wider Implications rule"

FSA delays again over structured products.