Recent speeches by cuddly old Hector have basically said that despite the milions of words framing our existing 'regulations' the FSA failed to stop people selling poor products. And as this is the case we are going to write even more words to stop people selling bad products and we are going to make everyone's life a misery, or at least and especially make the lives miserable of those people we think are going to be guilty in the future. A sort of 'precrime' department. Welcome to the Minority Report for real.
How about a simple alternative and just a few words? As follows:-
"The world is full of people who are for the most part totally honest andf hard working. Sometimes in the general course of commerce, products are made that might not be all they seem and the people employed to sell them are not dishonest but not necessarily fully informed as to their quality, and in any event they owe a duty their employer to sell as many of these as possible. This is a very good thing as in the end it creates a lot of wealth. But, Mr Consumer, you have a duty too. Make sure that you understand what you are buying before you buy it and if you don't understand it, don't buy it. Oh, and as regards you Bankers, if or rather when you screw up, you will burn".
There you go, financial regulation in one paragraph. How hard can it be?
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