FSA the RDR & the conservatives!

What great news this week from George Osborne & The Tories re the intended abolition of FSA. This in my view is long overdue. The compliance industry has mushroomed since the late '90s to the detriment of the securities industry. Is it coincidence that the growth in FSA numbers has corrolated with excessive profits at the investment banks? No, the profits have just lead to fatter fees for the regulators. What has happened though is that equity securities personnel have been over-regulated in comparison to derivatives specialists and investment banking personnel. What George hasn't said is what happens to the LSE and the securities firms (mainly British) that have NOT caused the credit crunch. Well George, I've got a suggestion for you. Why not delist the LSE (that way knighthoods cannot be handed out for allegedly fighting off competition) and allow the British practitioners (individuals) who have been let down consistently by LSE , SII ,APCIMS to (re)create a Stock Exchange run by and for the benefits of its members and investors ie. similar to the GREAT exchange that we once had. All we have today is a LSE PLC intent on cranking up volumes. A better quality, self-managed exchange will do BRITISH INDUSTRY alot of good. We no longer need an exchange and regulator that jointly have squandered the opportunities and allowed bankers to call themselves brokers by trading (shareholders) capital intended for proper banking servicing and investment. Let's ALL hope the FSA gets its feathers trimmed before the Retail Distribution Review nonsense gets any further! My SII Handbook entitled "Integrity At Work in Financial Services" has found its way into my eco-wood burner. Now that's what I call an integrity dilemna! It rather looks as though Lord 'RED' Adair Turner may have a firefight of his own pretty soon.