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Who is really in control of the financial sector?

Even though the UK government, both the current government and previous governments, have spent billions upon billions of pounds on the regulatory system with regards to the finance industry, who is actually in control?

Over the years we have seen various scandals and controversies within the financial system which include the overdraft charges saga which is going through the courts, various pension scandals, reduced lending after taxpayer led bailouts, an inability to reduce mortgage rates in line with base rate and more lately excessive charges for those in arrears with their mortgages.

In many cases it seems as though the finance industry leads where the regulators follow when you would expect with the billions upon billions of pounds invested in the regulatory system that it should be the other way around. The truth is, as we have covered on numerous occasions, the power of the UK financial industry, and indeed the worldwide financial industry, goes far beyond any one government and it will take a concerted effort by the major governments of the world to rein in the power of this particular area of the worldwide economy.

The sector has been, and continues to be, a leader in economies around the world and ultimately has become far too powerful.

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