21st Century Regulation Failures
You'd expect that in the 21st Century as we become more knowledgeable with much better access to information and scientific advances that we would avoid obvious failures with regulations being ignored but again this week it's clear that isn't happening.
Any followers of this blog will be well aware that the London Capital & Finance failure shows the complete lack of effective regulation by the Financial Conduct Authority in the UK to protect savers from losing money to investment scams. To have nearly £250 million of savers money invested in an unregulated investment company that could claim to be regulated and market their products as safe ISAs when the money was being systematically siphoned from the company is an appalling reflection on the state of our financial regulations.
It appears that it isn't just the FCA that is at fault but that the auditors of the company also failed to highlight that LCF was technically insolvent back in 2017.
Unrelated to financial investment matters is the tragic case of the flight taking footballer Sala from France to Wales where he had signed a new contract but crashed in the English Channel en route. Despite the pilot apparently not being licenced to take paying passengers and the aircraft not being registered to fly in the UK the flight still took place.
It now appears that the pilot was also not permitted to fly at night yet the plane took off nearly 2 hours after sunset. Yet more failures of regulation that should never happen when the rules are there to stop the type of activity taking place.
https://www.bbc.co.uk/news/uk-wales-47749265
How can we have such a serious failure of regulation across the range of our activities? Are we getting to a stage when we cannot even trust basic regulations to have been followed?
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| 21st Century Regulation Failures |
It appears that it isn't just the FCA that is at fault but that the auditors of the company also failed to highlight that LCF was technically insolvent back in 2017.
Unrelated to financial investment matters is the tragic case of the flight taking footballer Sala from France to Wales where he had signed a new contract but crashed in the English Channel en route. Despite the pilot apparently not being licenced to take paying passengers and the aircraft not being registered to fly in the UK the flight still took place.
It now appears that the pilot was also not permitted to fly at night yet the plane took off nearly 2 hours after sunset. Yet more failures of regulation that should never happen when the rules are there to stop the type of activity taking place.
How can we have such a serious failure of regulation across the range of our activities? Are we getting to a stage when we cannot even trust basic regulations to have been followed?
This proves the whole system is a failure, corrupt and fraudulent. Not only did people involved in LCF use the system to carry off this fraud via the mechanisms of the state/free capitalism also SURGE is now claiming it is the 'going rate for commission in the industry' to justify there actions (ex police man! Etc) what a load of crap! Everyones involved from the companies to the regulators and state are all responsible in various degrees full stop. The state failed so should refund investors and deal with the scum!
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