28th August 2009

IFA letter of the week

IFA letter of the week...

An IFA gets a bit cross with claims by the FSA chief that some city activities were “socially useless”!!

Dear Mr. Turner

This announcement made by you seems to be a bit like the 'The Pot calling the kettle black'. How on earth can you make such a statement when you very own house is not in order, here are a few reasons just to name a few:

The FSA staff earn bankers style salaries whilst there is no respite on pay freezes despite the economic downturn

The FSA staff has just awarded themselves a 10% salary rise when most of the country's people are having to cut back on basic living standards

The FSA awarded themselves £20 million in bonuses back in May this year when most of the financial sector was/is in crisis

The FSA had to borrow £200 million earlier this month because it is insolvent/bankrupt

The FSA final salary pension scheme is in deficit by the tune of about £90 million

The FSA borrowed money from institutions it regulates which is a conflict of interest

The FSA has failed to have any effect in it's role as a regulator in virtually every way, hence the banks being propped up by my taxes whilst I also prop up your salary via the exorbitant fees I am charged to stay in business

The FSA has constantly spread a myth in the media that we need more consumer protection, when in fact the ombudsman is a consumer champion, award compensation illegally and is not a proper Alternative Dispute Resolution body

Most of the FSA staff have no proper financial services qualifications or experience in this complex industry, so how are they supposed to regulate, hence failure is guaranteed

Your comments about the City's activities, claiming they were "socially useless" and "swollen” could be directed at your very own organisation. When you consider between the FSA, FOS and FSCS there are over 4000 staff who do what? Apart from award themselves fat salaries, bonuses and final salary pension scheme. Have you made these statements in preparation for a Conservative government? As they seem to be lost in the myth in the media of more regulations are needed. I am afraid I believe your words as usual are ringing very hollow.

(no apologies for not calling you a Lord as these titles come cheap nowadays as I received one as a gift at my 30th wedding anniversary)

Lord Paolo L Standerwick (Laird of Glenmore, Sanday, Scotland)

MLP Ltd