UK government loads the gun for the FSA to fire
The UK government today stands accused of instigating various regulatory changes and then taking a step back at the first sign of potential trouble. The latest move revolves round the ongoing change in the regulatory powers of the FSA (Financial Services Authority) and the ability to dictate the terms of various bank bonuses in the UK. This is a move which was begun by the UK government and effectively pushed through by the UK authorities over the last few months.
However, there has been some debate for some time as to whether a potential straitjacket on banking bonuses would in some way be against the law and potentially the human rights act. As a consequence, the UK government has taken a step back and appears ready to "pass the buck" back to the FSA. However, in a significant crack in the relationship between the UK government and the FSA, the head of the Financial Services Authority has today come out to warn MPs about potentially "passing the buck" back to them.
This ongoing infighting between UK government, the FSA and the Bank of England further strengthens the Conservative party's argument that the Bank of England should be at the centre of the UK regulatory system and the FSA closed down.
Share this..
Related stories
How would life be under an EU regulator?
As the EU looks to grab more and more power from the London financial markets many people are now starting to wonder exactly what life would be like under an EU regulator. The fact that people are actually beginning to wonder about the future should start alarm bells ringing within the UK government, the UK financial sector and UK regulators.
As we have mentioned in one of our earli...
Carphone Warehouse to take over Tiscali UK
In a move which has been on the cards for some time it has been revealed that Carphone Warehouse has reached an agreement with Tiscali regarding the Tiscali UK broadband operation which has been up for sale for some time. Carphone Warehouse was one of a number of parties initially interested in the operation before the company hit the rocks and the shares were suspended pending a debt restructurin...
Read MoreUK government to extend car scrappage scheme
The BBC has learnt that the UK government will this week announce a further extension of the popular car scrappage scheme which compensates motorists for scrapping their old uneconomical vehicles in favour of new eco-friendly models. While the scheme looks likely to be extended from the end of February to the end of March the government is unlikely to inject any more money over and above the £400...
Read MoreDirect Debit insurance 'con'
The average charge each year levied against Britons choosing to pay for home contents insurance via Direct Debit is £31, a new survey shows.Abbey Home Insurance estimates that British households are paying a total of £290 million per year simply for the convenience of paying their home contents insurance premiums by Direct Debit.An estimated 9.3 million people pay for home insurance by Direct De...
Read MoreAlmost 9 in 10 Children are ‘worried about Money’.
Research from Halifax has highlighted the fact that children as young as eight have admitted that they share some of the concerns their parents have about their finances. However parents are failing to pick up on this, and only a third recognised that their children might share their worries if they were heard talking about it. Children also said they would rather learn about money from their...
Read More