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Abolish Retail Distribution Review.

Comment 2nd July 2010

Doing away with the RDR, allows the FSA and it successor to concentrate on the big issues, such as why the Credit Crunch occurred, rather than crucifying a local Broker for not getting the Terms of Business signed.

The FSA is currently on the rampage, handing out fines hither and thither to Brokers, in order to cover up how useless they were in controlling the excesses of the Banks.

The main problem is that the FSA never understood the complex financial instruments used by large Institutions, therefore they left them to their own devices. How much easier it is to kick High Street Brokers, than try to get to grips with CDOs!

Why does this matter?

We need to cut the bloated bureaucracy of the FSA, where many high-ranking civil servants are paid more than the Prime Minister, who we can safely state has somewhat greater repsonsibilities than them.

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