NoTailT Posted February 14, 2023 Share Posted February 14, 2023 https://www.iomtoday.co.im/news/financial-watchdog-exceeded-its-powers-594739 I've heard about AAO. Big offices and a decent sized employer here. FSA being bitter idiots. FSA now has to pay legal costs following tribunal decision. How much longer must this kind of nonsense continue... 1 Quote Link to comment Share on other sites More sharing options...
asitis Posted February 14, 2023 Share Posted February 14, 2023 (edited) I've posted before about the over zealous and overbearing FSA, staffed by many people who have little idea of how their nit picking stupidity, lets the buffaloes charge past whilst they continue looking for mice ! They love the big fines, and, we have caused this business x amount of angst trying to negotiate our nonsensical pettiness. I repeat I am all for regulation and transparency but it is not being helped by the FSA. Edited February 14, 2023 by asitis 1 Quote Link to comment Share on other sites More sharing options...
NoTailT Posted February 14, 2023 Author Share Posted February 14, 2023 2 minutes ago, asitis said: I've posted before about the over zealous and overbearing FSA, staffed by many people who have little idea of how their nit picking stupidity, lets the buffaloes charge past whilst they continue looking for mice ! They love the big fines, and, we have caused this business x amount of angst trying to negotiate our nonsensical pettiness. I repeat I am all for regulation and transparency but it is not being helped by the FSA. Just spoke to a pal about this AAO crew. Apparently they've decided to set up an office in the UK and create 60 jobs there. Jobs that were designed for the Isle of Man and all because of the actions of the FSA. If true, that's ridiculous. It's economic cost beyond these cost awards etc. 5 Quote Link to comment Share on other sites More sharing options...
The Phantom Posted February 14, 2023 Share Posted February 14, 2023 The FSA is the pinnacle of Manx Crab syndrome. It's where bonehead Bouncers dream of being employed. Knowing that they can ruin your life because you have failed to tick a certain box or undertake a spurious review. They seem to be under the impression that they are under a duty to fine, prosecute and regulate every single financial firm on the Island out of business. Financial firms are literally drowning under regulations imposed by the FSA and are terrified to query or contest their all powerful judgements. 2 5 Quote Link to comment Share on other sites More sharing options...
The Phantom Posted February 14, 2023 Share Posted February 14, 2023 3 minutes ago, NoTailT said: Just spoke to a pal about this AAO crew. Apparently they've decided to set up an office in the UK and create 60 jobs there. Jobs that were designed for the Isle of Man and all because of the actions of the FSA. If true, that's ridiculous. It's economic cost beyond these cost awards etc. They'd have a tough job recruiting 60 people here, but I can believe it nonetheless. I've seen a couple of potential bits of business which would have employed reasonable numbers have given up or gone elsewhere after having to deal with the FSA. 1 Quote Link to comment Share on other sites More sharing options...
asitis Posted February 14, 2023 Share Posted February 14, 2023 2 minutes ago, The Phantom said: The FSA is the pinnacle of Manx Crab syndrome. It's where bonehead Bouncers dream of being employed. Knowing that they can ruin your life because you have failed to tick a certain box or undertake a spurious review. They seem to be under the impression that they are under a duty to fine, prosecute and regulate every single financial firm on the Island out of business. Financial firms are literally drowning under regulations imposed by the FSA and are terrified to query or contest their all powerful judgements. .... and as the CSP businesses are still the major tax take for the Government you would think some common sense should be applied ! Dealing with the FCA in the UK is like dealing with chalk and cheese ! 1 Quote Link to comment Share on other sites More sharing options...
Blade Runner Posted February 14, 2023 Share Posted February 14, 2023 Not my thing this FSA stuff but all I can add is try setting up a new bank account in the UK for a business and compare that with setting one up on the rock? I will let you guess which is as easy as 1,2,3 and which is like pulling teeth via your asshole................... 1 1 Quote Link to comment Share on other sites More sharing options...
MrGarrison Posted February 14, 2023 Share Posted February 14, 2023 1 hour ago, NoTailT said: https://www.iomtoday.co.im/news/financial-watchdog-exceeded-its-powers-594739 I've heard about AAO. Big offices and a decent sized employer here. FSA being bitter idiots. FSA now has to pay legal costs following tribunal decision. How much longer must this kind of nonsense continue... It’s incredibly bad form to have revoked the decisions after they went to tribunal to appeal them in order to try to dodge the bullet. Government always seems to think it’s immune from this sort of thing. 2 Quote Link to comment Share on other sites More sharing options...
The Phantom Posted February 14, 2023 Share Posted February 14, 2023 12 minutes ago, Blade Runner said: Not my thing this FSA stuff but all I can add is try setting up a new bank account in the UK for a business and compare that with setting one up on the rock? I will let you guess which is as easy as 1,2,3 and which is like pulling teeth via your asshole................... You should try the US. They'll pretty much do it whilst you're sat there in front of them. 1 Quote Link to comment Share on other sites More sharing options...
Two-lane Posted February 14, 2023 Share Posted February 14, 2023 I don't understand all this FSA stuff, but I feel the need to reprint the words of the tribunal chairman: "Mr Beckett said that FSA’s ‘attempted yet wholly ultra vires’ revocation of its decisions after the appeals process had begun had the effect of ‘usurping’ the authority of the tribunal and undermined the whole appeals process, which was of itself ‘unreasonable’. He said the FSA had misunderstood its powers." In fact I like the last words so much I will repeat them again in bold: "He said the FSA had misunderstood its powers." Don't expect any MHK to comment about a regulatory authority not knowing the regulations. 1 Quote Link to comment Share on other sites More sharing options...
Beyond Belief Posted February 14, 2023 Share Posted February 14, 2023 The FSA always bully soft options and allows those who should be fined and have their licences revoked to continue practising, and why? Because they need to gain the skill set to take the necessary enforcement action. The Courts have found, on several occasions, firms whose working practices have been questioned, and the FSA has not taken any action and allowed those firms to continue. People's lives have been affected, physically and mentally, and they do nothing. They don't care. The Guardian New paper would have an absolute field day with them. Shocking really. Quote Link to comment Share on other sites More sharing options...
The Phantom Posted February 14, 2023 Share Posted February 14, 2023 The FSA are actually supposed to be independent of the Govt, but you'd be forgiven for thinking they are part of Govt when you see their operating practices. 1 Quote Link to comment Share on other sites More sharing options...
Passing Time Posted February 14, 2023 Share Posted February 14, 2023 FSA are the reason that so many companies have to employ compliance teams the size of a small village to avoid their tentacles and stupid thought processes. Then again, staffed by CS who DON'T HAVE A FUCKING CLUE... 1 Quote Link to comment Share on other sites More sharing options...
asitis Posted February 14, 2023 Share Posted February 14, 2023 Here's a typical one " do you have a GDPR memorandum with the post office " err why, " because you are releasing peoples details by addressing envelopes to them " errr ...... " how else do we get documents which have to be paper to them ?". Not our problem. 1 Quote Link to comment Share on other sites More sharing options...
The Voice of Reason Posted February 14, 2023 Share Posted February 14, 2023 (edited) I’m retired now for a few years but was employed in the CSP/ finance sector for best part of forty years and witnessed the rise of the FSC. ( as it was then) from becoming a helpful and guiding regulator to the monster that has become the FSA. I appreciate that it has now become part of a global industry that has to show to its European and International masters how tough it is on regulation to the extent that it dissuades legitimate businesses from setting up here. This in turn leads to such businesses having to turn to less desirable jurisdictions to establish an operation. All a bit counter productive. In my working lifetime we would have potential clients with perfectly reasonable propositions looking to use our company (ies) to provide the corporate services they required to operate and then tie ourselves up in knots with various risk rating profiles (operating geographical areas, nature of the business, etc etc) which seemed to be designed to not evalute the business but merely to satisfy the regulator I’m certainly not saying that there were not wrong uns trying to abuse the system and that they should not be weeded out. However even from my early days within the industry it was clear that regulations were sorely needed but as in all these sorts of things there is or was overkill. I’m glad to be out of it Edited February 14, 2023 by The Voice of Reason 1 3 Quote Link to comment Share on other sites More sharing options...
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