THE FINANCIAL SERVICES AUTHORITY HAS FAILED YOU...BIG TIME!

Get them in the dock!

As I pointed out a few months ago, the FSA was created for a number of reasons, one of which was to "protect the consumer", though what the consumer was being protected from is not stated (but we all know that now...the banks).

One aim of the FSA, as stated in Section 4 (1) is "promoting public understanding of the financial system."

I doubt if more than 5% of the MPs in the house of commons fully understand the financial system.

But it is that section that I would use together with the Unfair Terms in Consumer Contracts Regulations 1999 (which refers to a requirement that contracts be issued in 'good faith'), and the principle of unjust enrichment to anull a financial contract.

But back to the FSA.

Section 3 of the FSMA 2000 states;
3 Market confidence
(1) The market confidence objective is: maintaining confidence in the financial system.
(2) “The financial system” means the financial system operating in the United Kingdom and includes—
(a) financial markets and exchanges;
(b) regulated activities; and
(c) other activities connected with financial markets and exchanges.

Over the last two weeks I have heard that word "confidence" 500 billion times.

Was the FSA given all the information it was supposed to by law in order for it to maintain market confidence?

If so, was the information supplied accurate? If the information was not accurate who has been prosecuted for such misdemeanours.

If not, why did it not chase up and prosecute those financial organizations that had not supplied the necessary data?

The FSA has failed us all... BIG TIME!!

It has not told you how the financial system works, contrary to Section 4 of the FSMA 2000, and it has not maintained market confidence, contrary to Section 3 of the FSMA 2000.

Get the FSA in the dock...NOW!

Nick Clegg, along with Cameron and Brown, have been avoiding apportioning blame.

Well I've done it for them.

Blame the FSA, which is actually financed by the same organizations it is supposed to oversee (hence the reason why the real, fraudulent, unfair and unjust nature of our financial system is not available on the FSA website).