February 23, 2009
Banks should be serving the economy
Story link: Banks should be serving the economy
At the moment, banks should definitely be controlled, rather than controlling. The banks have taken a huge amount of public money to keep them selves afloat, so they should be putting it back into the economy, rather than keeping it for them selves.
Banks should be serving the economy
Gordon Brown has called for a more responsible banking system, in which banks are the “servants of the economy and society and never its master”.
The prime minister said the Financial Services Authority was looking at how new mortgages of more than 100% should be controlled in the future.
February 17, 2009
Financial mess
Story link: Financial mess
The financial crisis is not the Government’s fault, neither is it Gordon Brown’s, although there have been questions raised as to whether they could have stopped the current recession being as bad as it is!
A LENDING bonanza, a credit bubble, a house price boom and now a slump: who was watching the bigger picture that allowed this catastrophe to unfold? We now have an answer: no-one.
That was the admission yesterday from Lord Adair Turner, head of the Financial Services Authority. He said the regulatory agency did not concentrate enough on the excessive risks taken by banks.
February 11, 2009
HBOS did warn the FSA
Story link: HBOS did warn the FSA
Any claims of unfair practices should be taken up by the FSA and regulated accordingly, whether they come from a member of the public, or a banking professional as we see here, represented by HBOS.
Paul Moore, who was head of group regulatory risk at HBOS, said officials at the FSA, the regulator of all financial services providers in Britain, ignored his pleas because they wanted a “quiet life”.
Speaking on BBC 2′s Newsnight, he said: “I raised and reported all of this whistle-blowing claim that I had with the FSA but they did nothing either,” he said.