23rd September 2009

IFAPAC Update - petition of no confidence in the FSA

Those who have tuned in to the Citywire debate today will see that one participant has raised the idea of a petition.

A petition on the Downing Street website is something I have been mulling for a while. Basically I think it should be along the lines of 'We the undersigned have no confidence in the FSA for the following reasons...' and then list them in the form of an indictment.

It's a pity in a way that it has come to this, because I find the average FSA employee to be pleasant and helpful, it's just a pity that the FSA’s bosses are a bunch of jerks with a mentality somewhere between that of Lavrenti Beria and the Bourbon Monarchy.

Before we rush in, you all have to understand that this is make or break. If I put a petition up and hardly anyone signs it then the FSA will fall about laughing and the anti-RDR campaign will be dead in the water. On the other hand if thousands sign it then above mentioned jerks might just be down the job centre this time next month.

If you do think we should go down this route – and personally I do - please:

1. Email me confirming that you are happy to sign an agreed text.
2. Let me have material for the indictment

Remember that thousands of consumers feel shafted by the FSA post-Lehman, Kaupthing etc., so this wants to be a petition that consumers are also keen to sign, not just disgruntled IFAs.

Just a few ideas for the indictment – I am sure you can all think of lots more:

1. The FSA’s failure to regulate banks properly.
2. The FSA’s culture of ‘regulation by fear’ as exemplified by Hector Sants comments.
3. The FSA’s wasting of money on art collections, leaving parties and bonuses for failed senior staff.

Your response would be appreciated. I think it’s time to stand up and say “I’m Spartacus!”

With kind regards, 
Neil F Liversidge
Managing Director

West Riding Personal Financial Solutions Ltd