FSA bares its teeth over record fines

Ask any adviser, this has been the case since their formation and their incompetence and lack of empathy and approving and overseeing processes that failed to identify and prevent reckless industry practices has been a disaster. In what other industry have two thirds of the members, the majoriy of whom were professional, disappeared in such a short timeframe, with a remaining third planning to exit in the next few years. By my reckoning that leaves in the region of 25% of the original professional advisers. An outrage and a disgrace quite frankly, and it's in many cases the honest ethical consumer hearted, innocent professional adviser who've paid the ultimate price for a minority of brokers fraud, the blind almost limitless greed of the banks, and the incompetence of a Regulator that missed the point and failed in their purposes. In part the FSA enabled the crises to occur, leaving several thousand good business people in financial difficulty who's livelihoods have been ruined and businesses wiped out. What sort of fine would you put on that? Think that should be a record fine! How about compensating the advisers whose businesses have been wiped out by the mismanagement, and the failed processes they were responsible for?

• 22 December 2010 13:17 PM