Most ordinary voters think the government runs the regulator that is responsible for overseeing the UK’s financial sector. You might think that an industry that is so important to our economy and the well-being of our population should be controlled by the Treasury but that is not the case.
Yes, the Treasury set out what the Financial Conduct Authority (FCA) is supposed to do, but they have no control over how they go about doing it. So if the FCA do something reckless that damages individuals or our economy, too bad.
Does this bother you?
It should because the FCA and their predecessors, the FSA, frequently damage the people they are supposed to protect – and that could be you. In fact, when you are about to invest your newly liberated pension funds, it probably will be you, sooner or later. As the FCA appoint their own complaints commissioner and decide which complaints they will accept, there’s virtually no recourse. The don’t even have to abide by what their complaints commissioner says. Even the Treasury admit they have no control over their behaviour, nobody has.
If you’re OK with this, stop reading, but if you think the UK’s regulator should be accountable, read on just a few more lines.
Next year, as you know, there’s a general election. As you also probably know, the only time most politicians do anything useful is when they think they can get you to vote for them. This isn’t a party political point, they’re pretty much all as bad as each other.
If enough people sign the following epetition, we have a unique opportunity to force the politicians to put in place the scrutiny, checks and balances that are necessary for the protection of your savings and our wider economy. It will be pointless complaining when you lose your life savings if you don’t act now and urge others to do the same.
Sign the petition here: http://epetitions.direct.gov.uk/petitions/63482
Action Group For Life Settlement Fund Investors 