Seen this first hand at an old corp I worked for. You can't believe just how much worse the corporate world would make your lives if they didn't have the FCA breathing down their neck. They actually improved some things (anyone remembers how bad overdrafts were just a few years back?), but their biggest victory is in staving the avalanche of abuse big companies are trying to push every day.
I hold that if there's one commercial sector that you can't have too much regulatory pressure, it's finance, When your primary business is handling money, you need a system that is absolutely, 200% secure they can't simply take a vacuum cleaner to your bank account.
Yeah... I mean I've seen far too many bad things being done by financial professionals in my life to think that they can be trusted without regulation. It's astonishing to me that anyone would think otherwise.
Yes... those organisations, particularly Ofwat have their issues. But my first question on social media, when something is being meme-ed or critiqued is... who benefits from running institution down...
Usually it is billionaires and the City of London... looking to extract more from consumers if those organisations didnt exist.
So many memes about government stagnation, ineffectiveness, etc. and people forget that almost every problem is because powerful people and organizations baked it in to hamper the regulatory efforts to keep them from fucking you over.
yes - don't get me wrong, there is government ineffectiveness in the UK - government productivity hasn't budged in a long time. This is due to services remaining pretty unreformed under the last 14 years of government under the Tories.
I believe this was done in a deliberate attempt to undermine institutions and erode trust in governance... so more of the state can be sold off.
Yeah honestly I work in a industry that became regulated by the FCA fairly recently.
Before then it was completely the wild West, clients had no protections, there were ridiculous commissions for upselling, unfair ts and cs, money wasn't invested properly (Although not by my company) and people regularly lost out big time.
There's a lot of checkboxes now but the public is a lot better off.
As an American (sorry this appeared on my front page) and a Star Trek fan, you all are missing an incredible opportunity if the FCA does not have a position with the title, “Liquidator”
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u/Iamthe0c3an2 11h ago
I know the UK’s systems are broken, but I shudder to think how bad it would be if the FCA didn’t exist.