4 Public awareness
(1) The public awareness objective is: promoting public understanding of the financial system.
(2) It includes, in particular—
(a) promoting awareness of the benefits and risks associated with different kinds of investment or other financial dealing; and
(b) the provision of appropriate information and advice.
(3) “The financial system” has the same meaning as in section 3.
Regarding Section 4 (2) (b), what is the appropriate level of information and advice? And who sets that level, and with whose agreement?
Section 5 states that another core objective of the FSA is the protection of the consumer. I quote Section 5;
5 The protection of consumers
(1) The protection of consumers objective is: securing the appropriate degree of protection for consumers.
(2) In considering what degree of protection may be appropriate, the Authority must have regard to—
(a) the differing degrees of risk involved in different kinds of investment or other transaction;
(b) the differing degrees of experience and expertise that different consumers may have in relation to different kinds of regulated activity;
(c) the needs that consumers may have for advice and accurate information; and
(d) the general principle that consumers should take responsibility for their decisions.
(3) “Consumers” means persons—
(a) who are consumers for the purposes of section 138; or
(b) who, in relation to regulated activities carried on otherwise than by authorised persons, would be consumers for those purposes if the activities were carried on by authorised persons.
Regarding Section 5 (2) (c), what is accurate information, and who decides the level of accuracy and with whose agreement?
Regarding Section 5 (2) (d), how can we be responsible for our decisions if we are not given complete and accurate advice?
My questions to government bodies regarding this act so far have been;
1. is fractional reserve banking practiced in the UK? Yes. If so, why is no mention of it made on the FSA website?
2. does fractional reserve banking give the banks tremendous power over the consumer? Yes. Why? Because (a) the money does not exist and so can be very easily created, (b) while the bank can simply create the money, we, the consumer works very hard for it just to survive, and (c) upon repayment of a loan, the money, even though it does not exist, is not destroyed, and so a bank can very easily turn £1 into £10 plus interest without lifting a finger, and then that repaid money can then be used as a base for the next credit pyramid to create £100, which can then be used to create £1000 etc.
3. if this information is something we as a consmuer should not know, why is that so?
I have been asking the FSA, Treasury and the Bank of England this for the last two months, AND NONE OF THEM HAVE GIVEN ME ANY REASON OR EXPLANATION WHY SUCH INFORMATION SHOULD NOT BE SUPPLIED TO YOU BY THE FSA.
There is no legal exemption on this information, so why do the FSA, Treasury and Bank of England think the FSA should not tell you? I don't know. I have not had any answer to that question.
The law states that somebody party to a contract should be able to access all information related to that contract within a reasonable period of time.
This is only part of my legal argument. The banks are governed by the FSA and finance it. They are therefore party to the withholding of this information which gives them a ridiculous and outrageous advantage which by law should not happen according to at least two other different acts of parliament.
Do you see now what I mean about keeping the biggest secret oh so secret. It is not written into any laws, but it happens, which means there is not just one loophole as wide as the universe, but several.
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