I was pleased to read the actions taken by the FSA in the following article. http://www.moneymarketing.co.uk/regulation/fsa-censures-ifa-firm-and-bans-director/1056129.article The FSA has had a history of inadequate action against individuals. I have made a Freedom of Information Request (FOI) to the FSA about the number of individuals it has personally disciplined over the past three years for payment protection insurance miss-selling (PPI). I was informed that the disciplinary notices were on their website. Having read through all of them from 1st January 2009 to August 2012 there were no salesmen who were explicitly disciplined for PPI miss-selling. I have made a further FOI request clarifying if some of the disciplinary notices were in part due to PPI miss-selling. I am awaiting a formal response from the FSA. My hope in doing this research is that the FSA makes more of an effort to hold individuals to account as well as institutions. The LIBOR scandal was conducted by a very small group of individuals yet it is probably going to be shareholders of the banks which will suffer. As the UK taxpayer is a huge shareholder in some of these banks we will all suffer from various actions taken against the Banks. I hypothesise that if there had been a history of disciplining individuals and terminating their ability to operating in the financial services sector the PPI miss-selling and the LIBOR scandal would not have occurred on the scale they did. I hope the new FCA will be more effectual and the industry comes up to the standard of Independent Financial Advisors.rnrnThis information is intended to provide a general review of certain topics and its purpose is to inform but not to recommend or support any specific investment or course of action.rn
