MPs stick the boot in to the FSA
The FSA (Financial Services Authority) has had what you may call "a bad day at the office" today after receiving severe criticism from MPs regarding the handling of the Dunfermline building society collapse. Despite receiving the backing of Gordon Brown on numerous occasions, the FSA today took a battering from the Scottish affairs committee with serving MPs queueing up to criticise the whole affair.
While the FSA was not directly at fault when the Dunfermline building society collapsed, with management rightly taking much of the blame, there is a feeling that various warnings given to the Dunfermline management were weak and lacked direction. There is also concern that savers, who held over £1 billion with the society, were not warned about the situation at any time and were effectively kept in the dark.
The FSA readily admits that the Dunfermline building society rescue could have been smoother but there are concerns that simple mistakes were made which eventually proved very costly. As we know, the UK government was forced to take on £1.6 billion of the society's more risky liabilities with the retail network passed over to Nationwide with the government also offering a financial subsidy.
Share this..
Related stories
Investors back BSkyB directors
A number of prominent investors in BSkyB have stepped forward with their support for the BSkyB board of directors who recently turned down an indicative takeover offer from Rupert Murdoch's News Corporation. It is believed that a potential offer in the region of seven pound a share, valuing the company at £12.6 billion, was suggested although many in the city believe a minimum price should be in...
Read MoreIt's just a jump to the left, let's do the Labour time warp again!
The first day of the Labour Party conference in Manchester saw the re-emergence of Old Labour from the ashes of New Labour. The phoenix has risen from the ashes and we now seem to be dancing the 'Time Warp' at the Labour Party shindig!
'It just a jump to the left' as Alistair Darling attacks the so called fat cats of the City, the movers and shakers who were the friends of New Labo...
Regular savers feel the benefit
As UK savings rates continue to suffer in the wake of a slashing of UK base rates, those who save on a regular basis will be feeling the benefits. Budgeting for the future can be difficult to do but in light of the ongoing economic downturn it has never been more vital to save. As much as we try to plan ahead, put funds to one side and cover ongoing expenses, there are always things which appear o...
Read MoreInvestors shun Isas
The traditional rush during March to take advantage of the tax-free allowance offered by Individual Savings Accounts (Isas) did not materialise this year, new data shows.Figures from the Investment Management Association reveal that in the period between March 1st and April 5th just £532 million worth of the savings accounts were sold. This is nearly half the figure of £957 million recorded last...
Read MoreForeign exchange transactions on your credit card
A number of people have complained about the standard of service when taking your credit card overseas and so-called "hidden charges". However, there have also been a number of instances of unauthorised credit card transactions going through, only to be cancelled within 24 hours, but customers being left out of pocket.
At the core of the UK banking sector regulations is the fact tha...