« Things worth reading: 29th June 2012 | Main | The Finanser's Week: 25th June - 1st July 2012 »

June 29, 2012

TrackBack

TrackBack URL for this entry:
http://www.typepad.com/services/trackback/6a01053620481c970b017615ebe02c970c

Listed below are links to weblogs that reference A wholesale reconstruction of the industry:

Comments

Feed You can follow this conversation by subscribing to the comment feed for this post.

neil burton

The industry has been brought into disrepute, by folk who presumably knew that they were lining their pockets at the expense of 'the little people'; and who knew that financial services is the most important segment of the UK economy. What's a red card mean in this context?

The vast majority of the people who work in financial services work to the highest levels of integrity; their reputations and incomes are damaged. The folk on that side of the line need to make sure the line is clearly drawn; the moat dug and the walls built.

Maybe we should draft in Terry Wogan to run one of the big banks. By which I mean, one small step in the right direction is to require professional qualifications and support professional bodies who can (and do) ban errant practitioners.

Steve Waldron

Yet again during all these years you have to ask where were the controls and supervision, where were the regulators, the internal and external auditors?

I feel it is high time the FSA were allowed to set up a team just like Eliot Ness and The Untouchables, they have full authority to go into any financial house unannounced and clean up the mess.

If the FSA had the green light to do this, and pay a team well then this would be a start.

As already mentioned, there are thousands of decent, hard working and honest people in the financial sector, just like the general public they are equally as fed up with what has been happening in their industry.

I also believe there will be plenty of good and very smart people who work in the financial sector who would love to be part of a team the FSA put together - inside track and all of that!

John G Bullard

Chris; You quoted St Lukes Gospel. Let me take another piece of of Liturgy, the immortal words of the General Confession from the 1662 Prayer Book "We have erred and strayed like lost sheep. We have followed too much the devices and desires of our own hearts....we have left undone those things which we ought to have done, and we have done those things which we ought not to have done....." and so on.

Let us look at those things that have been largely "left undone that ought to have been done" (yet indeed still can/must be done) especially in underpinning operational/transactional risk and business/trust in the internet era . Helping the very businesses being crucified by IRSA's etc to survive & prosper in a borderless marketplace where distance and time are measured in bytes

We (all of the FSC community) have the building block experiences in place, and there are demonstrably operational UK illustrations in the world of underpinning transactions with bank issued identity and trust credentials etc.

Now, coming out of these horrors should be a concerted effort by governments by banks and by all of us, to deliver what Financial Secretary Mark Hoban MP said on Breakfast TV this mornng
"We want to see banks underpin our Economy, not undermine it".
Kind regards John & all at IdenTrust

Sean

You're forgetting a scandal: http://www.rollingstone.com/politics/news/the-scam-wall-street-learned-from-the-mafia-20120620

My thoughts on (how easy it would be if will was there to fix) LIBOR
http://www.parkparadigm.com/2012/06/29/this-is-no-way-to-run-a-financial-system/

So I guess you think my Financial Reformation idea is a good metaphor!
http://youtu.be/khRKBrky5Lo

Verify your Comment

Previewing your Comment

This is only a preview. Your comment has not yet been posted.

Working...
Your comment could not be posted. Error type:
Your comment has been saved. Comments are moderated and will not appear until approved by the author. Post another comment

The letters and numbers you entered did not match the image. Please try again.

As a final step before posting your comment, enter the letters and numbers you see in the image below. This prevents automated programs from posting comments.

Having trouble reading this image? View an alternate.

Working...

Post a comment

Comments are moderated, and will not appear until the author has approved them.

Search blog


Your email address:


Powered by FeedBlitz

Become a Fan

Twitter FSClub

    follow me on Twitter
    Amazon Digital Bank

    Financial Brand Editor's Choice

    Alex: The Finanser BlogAlex at the Financial Services Club
    Gaping Void: The Finanser BlogGaping Void's Hugh MacLeod worked with the Finanser
    Wordle: The Finanser Blog

    The Financial Brand

    NetBanker

    Payments News - from Glenbrook Partners

    Payments RSS

    Tomorrow's Transactions blog

    Analytics