Essay on Topic 8 activities

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8.1- The industry regulator was deemed partially to blame for the credit crunch because
"The cost of bailing out the banking system has contributed to rising unemployment, wage and social welfare cuts and higher tax rates. Those negative effects have been only partially offset by lower mortgage rates, adjusted asset prices and higher deposit rates. They also let people who was vulnerable and that are unlikely to be able to pay the money back.

8.2- The main differences between FCA and the FSA are:
Focused more on consumers than the FSA used to be
They had to worry about the safety and soundness of institutions as well as worrying about whether they were treating their customers correctly.
The main focus and there wasn't enough time given to how firms actually conduct themselves.
Overall, I think that Martin Wheatley said some good opinions as he focused more on how to prevent the next main crisis and simplifying their policy such as only worrying about are the customers getting treated correctly.

8.3- Andrew Bailey thinks that the new scheme has benefits such as:
He makes sure that consumers will not be miss sold policies
Seems that there is a greater focus on policies
Bodies have very clear objectives
Keeps a close eye on consumer policies so none are being miss sold

The interviewer has some worries such as:
How does consumer protection work?
Thinks that the bank may fail because it is not being sold properly
How does the financial policy comity and the prudential regulation authority work together?

8.4- Financial Ombudsman Service’s (FOS) sees that it deals with many types of consumer policies that have been miss sold such as when the man had to take a taxi because of a skiing accident which he tried to get the insurance to pay out the £100.00 for the journey as there was no other way to get back to his hotel. At first the insurance company refused to pay it out, however the financial ombudsman service made sure that it was easy to get the compensation that he deserved. Also it was easy to get into contact with the FOS and they did all the work for him and they managed to get £50.00 on top.

8.5- Sold with loans and credit cards, offers insurance if you are ill or too old to work then PPI would offer insurance to cover the costs of paying back the debt. The idea was good however people were often sold PPI when they didn’t need it or that they weren’t a suitable
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