FSA The LAUTRO Scandal and what have they got to hide?

The FSA admit they "Do not know how many consumers were compensated"  Either they did not ask or they do not care or both. 

The FSA's performance and behavior on this single issue, never mind the Equitable Life, Banking Crisis, Northern Rock etc etc ( its a big list ) sums up exactly why for the consumer they are supposed to protect and the industry they are supposed to regulate - they are a total and miserable failure.

They appeared in court and immediately told the judge that they would appeal the case no matter what he decided.  This case is not one brought by a maverick entrepreneur, they are fighting the Information Commissioner. 

Why do they want to keep this information secret?  Well of course we can not tell until we see it, but suspicions are voiced that it will expose both the companies and the FSA to ridicule because of of a back door deal to save both their faces or a massive regulatory failure and compensation bill for the guilty that could run into very high figures.

This is the real regulator at work,  protecting themselves and the companies that were guilty (the FSA admits their guilt along with ignorance over compensation).  This goes in the you could not make it category. 

Janet Walford OBE, Editor of prestigious financial services trade magazine "Money Management" part of the Financial Times publishing group has been relentlessly pursuing this for years.  Read her blog, link below,  and be prepared to be shocked.