SO IT'S "OUR" FINANCIAL SYSTEM NOW, IS IT?
I thought not.
Despite it being "our financial system" now that the banks need bailing out, they have not tried to educate us on how "our financial system" works to their great benefit, even though the FSMA 2000 Section 4 states it is the law that the FSA should be educating us.
Ah, you may say, but is it really the responsibility of the banks to do that?
Have another good read of The Unfair Terms in Consumer Contracts Regulations Schedule 2, sections (i) and (q). These state a contract should not bind the consumer to terms he or she had no chance of understanding, and that the seller, i.e. the bank, should not unduly restrict the evidence available to the consumer which according to the applicable law, i.e. the FSMA 2000 Section 4, should lie with another party to the contract, i.e. the FSA.
I would argue it is the legal duty of any bank regulated by the FSA to make sure the FSA is fulfilling its legal duty under the FSMA 2000 section 4, the failure of which gives the banks a significant and unfair advantage to the benefit of the banks and to the detriment of the consumer.