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FCA to scale back non-Brexit activities

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ursaminortaur
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FCA to scale back non-Brexit activities

#130882

Postby ursaminortaur » April 9th, 2018, 11:39 am

As many will be aware from campaigns on the Motley Fool banking board about prefs etc the FCA have never been a particularly responsive or helpful organisation but it now appears that that might get worse because of brexit

https://www.ft.com/content/d6fc03a2-3bca-11e8-b7e0-52972418fec4


The UK’s financial regulator said it will have to cut back on some of its regular responsibilities as it prepares for a “particularly challenging year” ahead of the UK’s exit from the EU in March 2019.

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Re: FCA to scale back non-Brexit activities

#130886

Postby Ashfordian » April 9th, 2018, 11:49 am

ursaminortaur wrote:As many will be aware from campaigns on the Motley Fool banking board about prefs etc the FCA have never been a particularly responsive or helpful organisation but it now appears that that might get worse because of brexit

https://www.ft.com/content/d6fc03a2-3bca-11e8-b7e0-52972418fec4


The UK’s financial regulator said it will have to cut back on some of its regular responsibilities as it prepares for a “particularly challenging year” ahead of the UK’s exit from the EU in March 2019.


So what was it's excuse for being unhelpful when we were a member of the EU?

This is a now typical diversionary tactic so that it has an excuse to underperform over the next 18 and the gullible FT falls for this nonsense every time

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Re: FCA to scale back non-Brexit activities

#131066

Postby GoSeigen » April 10th, 2018, 8:40 am

ursaminortaur wrote:As many will be aware from campaigns on the Motley Fool banking board about prefs etc the FCA have never been a particularly responsive or helpful organisation


This is not a universally held view. Criticism of the FCA have typically come from investors in risk capital who have overpaid for their investments and ended up losing money and are bitter about those losses. The vast majority of consumers (as opposed to investors) can be reasonably happy with the service provided by the FCA and PRA who, together with the government, rescued the financial sector and continue to work to protect them from scams and the worst excesses of financial service providers. Consumers are the primary focus of the FCA, more than the I-win-I'm-smart-they-win-bail-me-out investors complaining about preference shares!


GS

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Re: FCA to scale back non-Brexit activities

#131086

Postby dspp » April 10th, 2018, 9:14 am

GoSeigen wrote:
ursaminortaur wrote:As many will be aware from campaigns on the Motley Fool banking board about prefs etc the FCA have never been a particularly responsive or helpful organisation


This is not a universally held view. Criticism of the FCA have typically come from investors in risk capital who have overpaid for their investments and ended up losing money and are bitter about those losses. The vast majority of consumers (as opposed to investors) can be reasonably happy with the service provided by the FCA and PRA who, together with the government, rescued the financial sector and continue to work to protect them from scams and the worst excesses of financial service providers. Consumers are the primary focus of the FCA, more than the I-win-I'm-smart-they-win-bail-me-out investors complaining about preference shares!


GS


I'm not sure that Lloyds ECN holders would share your view. Having read many of FCA's responses over the last few years I recognise a sloping shoulder when I see one. For sure some bits of the FCA may be fit for purpose, but I've yet to encounter it. By the way I am not, and was never, an ECN-holder.

regards, dspp

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Re: FCA to scale back non-Brexit activities

#131128

Postby Alaric » April 10th, 2018, 10:53 am

GoSeigen wrote:Consumers are the primary focus of the FCA


In that case, it should give up its role as UK Listing Authority.

https://www.fca.org.uk/markets/ukla

GoSeigen
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Re: FCA to scale back non-Brexit activities

#132090

Postby GoSeigen » April 14th, 2018, 7:35 am

dspp wrote:
GoSeigen wrote:
ursaminortaur wrote:As many will be aware from campaigns on the Motley Fool banking board about prefs etc the FCA have never been a particularly responsive or helpful organisation


This is not a universally held view. Criticism of the FCA have typically come from investors in risk capital who have overpaid for their investments and ended up losing money and are bitter about those losses. The vast majority of consumers (as opposed to investors) can be reasonably happy with the service provided by the FCA and PRA who, together with the government, rescued the financial sector and continue to work to protect them from scams and the worst excesses of financial service providers. Consumers are the primary focus of the FCA, more than the I-win-I'm-smart-they-win-bail-me-out investors complaining about preference shares!


GS


I'm not sure that Lloyds ECN holders would share your view. Having read many of FCA's responses over the last few years I recognise a sloping shoulder when I see one. For sure some bits of the FCA may be fit for purpose, but I've yet to encounter it. By the way I am not, and was never, an ECN-holder.

regards, dspp


I was an ECN holder. As such I took an investment risk and it didn't pay off. [Well, it did, but only because I bought cheap and sold higher -- but like other holders, did not enjoy profits I might have but for Lloyds's par call.] I don't expect the 80% to look after me when I lose money in my more risky investment escapades.


GS

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Re: FCA to scale back non-Brexit activities

#132394

Postby Longtermyieldman » April 15th, 2018, 9:55 pm

GoSeigen wrote:
ursaminortaur wrote:As many will be aware from campaigns on the Motley Fool banking board about prefs etc the FCA have never been a particularly responsive or helpful organisation


This is not a universally held view. Criticism of the FCA have typically come from investors in risk capital who have overpaid for their investments and ended up losing money and are bitter about those losses. The vast majority of consumers (as opposed to investors) can be reasonably happy with the service provided by the FCA and PRA who, together with the government, rescued the financial sector and continue to work to protect them from scams and the worst excesses of financial service providers. Consumers are the primary focus of the FCA, more than the I-win-I'm-smart-they-win-bail-me-out investors complaining about preference shares!


GS


Investors in risk capital are entitled to be protected by the FCA. Not from legitimate risk, but from false accounting, pump-and-dump and misrepresentation. The FCA has a poor track record in this respect, I would suggest.

Likewise, people who transact in other areas of financial services should be protected from misconduct by firms and those they employ. The list of cases in which the FCA was at best slow to act and at worst part of a cover-up again alarms me.

I would not credit the FCA with rescuing anyone or anything from the global financial crisis, and I see its predecessor the FSA - many of which's staff still work within the successor body - as a major contributory factor in the GFC having happened.

While I appreciate that the FCA has to do a certain amount of work in preparation for Brexit, it has an additional budget and extra staffing to help it achieve this. And I think signalling to an industry that seems still to think it can fleece consumers with impunity that the regulator will be going even easier on it than usual was not, in my view, a smart move. The FCA's obligations are statutory, not optional.


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