GOTCHA!

Hector Sants, CEO of the FSA, has today admitted to being a lot more than naive.

In an interview with the Financial Times, Sants said
"We are acknowledging that we could have challenged those business models more before they went into the downturn."

I think he was referring only to the collapse of Northern Rock. But what happened to Northern Rock has subsequently happened to other banks. So it is not just the collapse of Northern Rock but the collapse as a whole that Sants is guilty of.

Sants has been a Director at the FSA for over four and a half years. The current Chairman Lord Adair Turner has only been in that post and at the FSA for a few months, and can be absolved of any blame. Sants, on the other hand, came to the FSA directly from one of the prime gamblers who caused the credit crunch, Credit Suisse First Boston, in May 2004, where he was CEO of CSFB in Europe, Middle East and Africa, which is a very powerful position and exposed him to some of the deepest, darkest practices of a large international bank. With such experience he should have had a hunch about what was going on and seen what was coming.

While I’m on the subject of the corrupt and incompetent FSA, the Fraud Act 2006 can be used to reinforce the use of the FSMA 2000 against the banks and the FSA. The Fraud Act 2006 Section 3 states

3 Fraud by failing to disclose information
A person is in breach of this section if he—
(a) dishonestly fails to disclose to another person information which he is under a legal duty to disclose, and
(b) intends, by failing to disclose the information—
(i) to make a gain for himself or another, or
(ii) to cause loss to another or to expose another to a risk of loss.

As you should now know, the FSA with the collusion of the banks are withholding very important from you which has not been given an exemption and that information gives the banks several very significant advantages contrary to the Unfair Terms in Consumer Contracts Regulations 1999.