Douglas Carswell's Blog

What is the point of the FSA?

"Cash reserves in the UK held by banks in 1968 represented 20 percent of its deposits. By 1998, the figure was 3.1 percent" - Ferdy Mount, The New Few

Luckily, we had the Financial Service Authority then come along to make sure that the obvious never happened. Except they didn't.

Instead the FSA imposed complex regulations on financial institutions. So much so that City firms created entire compliance departments. Shame the regulator omitted to ask basic questions.

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