Posted by Jake on Sunday, December 30, 2012 with 3 comments | Labels: Article, Big Society, FSA, OFCOM, OFGEM, OFT, SFO
 |
| http://en.wikipedia.org/wiki/File:Siege_perilleux_galaad.jpg |
Every bank, insurance company and investment firm covets a noble or two to adorn its board. What could possibly go wrong if a peer of the realm is at the helm?
It is not just financial services. Lords and ladies, knights and dames grace the boards and regulators of electricity, transport, education, health, and just about every major commercial endeavour. Judge them not by their fruits, but by their titles.
To recognise these valiant men and women who fearlessly take responsibility for our nation's well being, ensuring the good and chivalrous behaviour of their companies and those they regulate. In praise of these goodly citizens who use their bodies, minds and reputations as buttresses against all the unseemly pillaging and ripping-off, we give you an excerpt from Monty Python's tale of Camelot:
Brave Sir Robin ran away.
Bravely ran away, away!
When danger reared its ugly head,
He bravely turned his tail and fled.
Yes, brave Sir Robin turned about
And gallantly he chickened out.
Bravely taking to his feet
He beat a very brave retreat,
Bravest of the brave, Sir Robin!
Reported in the Telegraph:
ReplyDelete"The Financial Services Authority has not launched a single enforcement action against any regulated business for failing to comply with its remuneration code since the rules were introduced three years ago... Legal sources said there was disbelief in the City at the lack of action by the regulator to enforce its own code and that there was widespread evidence of breaches of the rules."
http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/9771810/Three-years-on-FSA-fails-to-bite-over-bankers-pay.html
It wouldn't have been as bad if he managed to implement some sort of positive action towards keeping regulated businesses in check or devising a financial modelling roadmap that would work for the economy in the long run prior to his knighthood. Now it seems more like an empty title.
ReplyDeleteBBC Reports:
ReplyDeletehttp://www.bbc.co.uk/news/business-24925872
"Sir Hector Sants, Barclays' head of compliance and former boss of the Financial Services Authority (FSA), is leaving the bank.
Mr Sants had been on sick leave since the beginning of October, suffering from stress and exhaustion....Sir Hector's role at Barclays was to take responsibility for ensuring the bank's 140,000 staff obey the law in the 50-plus countries in which it operates."