Subject: FW: UNFAIR and UNREASONABLE - Published in Money Management as 'Fossy
will have read 'Fossy Logic' in the May edition of Money Management as posted
writing is here, it is far less emotional than anything I would put together
as everyone knows:
protestations of your 'press officers' the constant criticism of your
organisation is not without merit, we even have FSA employees who think you
are out of control and FSCS officers who are frustrated by your attempts to
control everything. The long list of unhappy 'customers' includes Banks,
Building Societies, Insurers, Fund Managers, Stockbrokers, Lloyds Syndicates,
Surveyors, Motor Traders and of course the humble IFAs both past and
present, none of these are confident that your staff know what they are doing.
One of your
senior employees is said to have resigned because you are acting ultra vires,
why is it that you and so many of your staff don't agree? Is it because
someone else is pulling your strings and you are 'only following orders'?
Remember the story about the Jews?
You are supposed
to be independent and Justice Lightman has said that you must be seen to be
independent. I have evidence that you are
not as independent as any fee paying IFA has a right to expect, this includes
internal memos from the FSA telling the FOS to 'force their hand' when an IFA
firm refuses to bow to your commands, it also includes a letter from an MP on
the TSC who is virtually threatening your position unless a decision is
reversed in favour of his constituent, it was reversed as requested so
how can we have confidence in your assertions that you are impartial?
In all I have
four lever arch files crammed full of evidence that will be presented to
Courts on both sides of the English Channel, why do we have to go to these
lengths to obtain the rights that go back to Magna Carta and the Bill of
Rights? Now we have the Human Rights Act 1998 which as it happens was an
attempt to stop UK subjects taking cases to the ECtHR and showing the world
how unbearable things have become in the UK.
You are reported
to have a legal background and have an interest in human rights, I suggest you
should look at yourself in the mirror each day and ask yourself if you are
happy with the injustices for which you are personally responsible. Please
don't tell me these cases are in the minority, even one case of an IFA being
made bankrupt to fuel your compensation machine is one too many.
The Leviathan is
growing in stature fuelled by power beyond the Judiciary's wildest
dreams, my vision of a regulatory empire built upon the bones of the financial
services industry is coming to life and nobody can stop it, yet.
The IFA Defence Union
regulatorsí careers end prematurely in failure and disgrace."
HOWARD DAVIES : HENRY THORNTON LECTURE : CITY UNIVERSITY BUSINESS SCHOOL : 4
can only survive through silence: Carmen
"Idealism increases in direct proportion to one's distance from
- John Galsworthy