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The comment given by a lady waiting to withdaw her money from Northern Rock when assured that her money was safe replied very quickly that they said the same thing about the Titanic. There is no way the government can protect everyones savings and the sugestion that is can is dumb.
Until the regulators and the government understand what liabilities banks are really running and the content of the derivitive products they are packaging and selling on; which it must be aded are mostly unmarketable. Taking a politicians assurance at face value is as credible a judgement seeking to slit your own throat under the belief that any damage will be immaterial because you will always return to how you were.
Unless derivitive products across the board can be freely traded in an after market they can not be seen as having a market value, its not rocket science its just plain obvious!.
The lack of real teeth by the regulators has led to the system imploding and urgent action must be and if the result equates to less complex derivitive products which can not be traded then we will all sleeo safer at night. Warren Buffet warned us a long time ago this was going to happen but was laughed off court. Our own Bank of England warned of losing the plot but let it continue...how? Somewhere banks have got too powerful and need to be brought back into line so that the economy is not working to pay for their profits seconf to paying tax first with nothing left for the man in the street.
How can we be expected to believe our market system operates well, when as soon things go wrong everyone buck passes and denies liability.
Heads must be seen to roll from the top down and banks who mhave had it so easy forced to compensate those put at risk. If thsi was a food alert or toy manufacturing problem you can be sure teh souurce of the problem would be estabioshed and the guilty parties fined and possibly jailed, so let it be with irresponsible banking practises, and incompetant regulators be they politicians or quangos.

Hi,

A question about how 'free' our markets are?, People will vote for a lower tax regime, want the growth in income(all good times) yet when any downward sprial occurs they all panic...they all want government intervention..thats a socialist state people...and we all know how middle england hate that!!

Why on earth would anyone belive anything the FSA have to say. They are so far behind events that it's only the public who take direct action. I guess McCarthy is afraid of offending the Banks in case his free lunches dry up. Don't forget that these are the idiots who presided over Endowments, Pensions and everything else that goes wrong in the financial sector.

Mr Baker shows either a remarkable lack of knowledge about the structure of the financial sector, or a lack of desire to communicate properly.

Pensions and Endowments were presided over by the predeccessors of the FSA (think PIA, Fimbra and Lautro).

It also fair to say (and i speak with the benefit of lengthy experience in the Financial services sector) that many of the problems in both cases were contributed to by
- the incompetence (or possibly greed) of financial advisers who didn't explain everything they should have (and if they did, didn't keep the records to prove it)
- the customer who didnt want to listen to the explanations being provided,('look..i just want a pension/endowment mortgage..where do i sign')and didnt ask questions to ensure they understood.

Beleive it or not the FSA are trying to do a very difficult job (no i dont work for them)in balancing the interests of a number of groups - too strict regualtion will mean that firms/companies cease to operate becasue they cant make a profit (which is after all what they are they for), too lax regulation means we have the potential for the sort of financial 'disasters' that hit the headlines and are blown up out of all proportion by misguided ( or sometimes down right incorrect) reporting by the media.

Caveat Emptor - consumers need to take more responsibility for undertsanding what they are buying...if you dont understand...dont buy

Yes i think you can believe the FSA. Perhaps study the subject a bit before making commments based on headline in the tabloids, (and regrettably on television)whose job of course is simply to sell papers/get viewers.

I have a 1007 peugeot semi auto which i purchesed in aug 06.
since i bought this car i have had nothing but trouble, example, the sliding doors keep opening on there own which on a number of times caught the legs of my eldery mother, middle of 07 the gearbox went it was in the dealership for over 3 months because they was finding it hard to get a gearbox so in the end they refurbished my gear box, the car has never been right since now the clutch has gone which is not under warrenty now so it has cost me 拢365 i took the car to an independent garage because peugoet was chaging a lot more. the independent garage said this was caused by the gearbox, the dealership said they never had a cultch go on a 1007 so the cant say if its not under warrenty. here are some more examples that has gone wrong since aug 07,
Gearbox 拢2090
Wheel cylinders 拢143
Drives seat framebroke,doors broke,sealing sheet, Seatbelt harnes, eletriccal connections and cables 拢519
manifold not secure 拢118
Faulty sensors caused abs light on 拢47
Gearbox fault 拢136
Clutch engage first gear replaced 拢807
Windows slides down contacts switch fault 拢49
Windows wont shut 拢49.
Here is an example of some of the things that have gone wrong THIS CAR can not be SAFE all the things are covered by warrenty for now its when there not.
please help and tell me what i can do .