Should ex-bankers be in charge of future regulations?
As the UK government continues to roll out report after report after report on the UK financial system and the regulatory framework, many are now starting to ask the question, should ex-bankers be setting regulations for the future?
The raft of reports published by the UK government and the UK regulatory authorities seem to indicate there have been problems with the UK financial system for many years. However, these very reports are often produced by ex-bankers who were employed in these times of high remuneration and high bonuses. When you consider that a significant number of these report writers were very high up in the UK financial sector, often chief executives and chairmen of leading financial companies, why do they believe things should be so different to the future compared to their time in the sector?
In many ways it seems that the UK government has brought on board a number of figures that are "sympathetic" to the UK government's cause and likely to write exactly what the authorities want to see. In many ways it is "poacher turned gamekeeper" which does to some extent undermined the various proposals, which all appear to have a fairly common theme.
Share this..
Related stories
Financial Services Authority steps in regarding sale and rent back adverts
The Financial Services Authority (FSA) has today stepping to call time on heavy-handed sales practices within the sale and rent back sector. This is an area of the market which has shown significant growth in the short to medium term due to the fact that many people are behind on their mortgages and need cash as quickly as possible. To these people, the potential to sell their homes, organise a re...
Read MoreRetails Sales Growth In The UK Has Stalled
News that like for like retail sales growth in July fell by 0.9% was something which was not totally unexpected by the market. This latest fall is the fourth in the last five months and is a trend which is set to continue for the foreseeable future.
It is not just the affect of falling sales which is hitting the high street but also the increase in underlying costs. This double...
UK savings ratio highest for six years
It has been revealed that the average UK home is now putting aside 5.6% of monthly income for savings, against just 1.7% at this time last year. While on the surface this is obviously a very positive move, it does appear that many are saving for the future because they are unsure about job security, future income and the cost of living. On the plus side, the amount of debt being taken on by UK con...
Read MoreNational Express releases profits warning
Troubled transport group National Express has today issued a profits warning and confirmed that profits will be slightly below analyst forecasts and the cost of financing the company's debt has increased over the last few months. The company confirmed that trading "remained difficult" in the three months to September and the takeover approach by CVC Capital Partners created a delay in refinancing...
Read MoreWhat can Gordon Brown do to help the UK?
As the US authorities continue to throw money at the financial markets to support and encourage a recovery, many are now starting to ask what Gordon Brown can do? What can the authorities do to help the UK economy?
The answer to that is basically nothing because there is no money left in the UK coffers with tax income down, national debt growing and the Treasury budget showing the l...