Thursday, 19 February 2009

FSA - Light Touch Regulation?

The FSA rule book, if printed out, stands 8 feet / 2.440 metres high.
If nothing else that nails the lie of light touch regulation.
Regarding my response to MW comment you can find how the FSA/FOS/FCSC admitted it can 'create law' here
“We do not have to pretend to ‘find’ what the law is. We unashamedly make new ‘law’”, boasted Walter Merricks in a June 2001 speech to the Financial Regulation Industry Group
How can a Quango be allowed to make new law? How can it be allowed to be applied without Parliament approving it? Is it at all compatible with freedom for the Government to empower Quangos like this?


Oldrightie said...

It would seem "light touch" meant light the touchpaper.

Mark Wadsworth said...

Ah yes, but they never opened the rule book.

Lola said...

Au contraire Mr W - they not only open it, they live by it. They throw it at you. They manipulate it to create law. (Yes, the FSA/FOS/FSCS can make law. [Evidential link to be posted when I can find it]. How do you feel about that?). They use it to hang people without recourse to justice. It is so laxly written that although it has the force of law, every lawyer who has read it hates it because it has no certainty.


Gives a whole new meaning to the expletive FRIGging.