Letter: What many of us have known for years

Mike Winfield

First, this article declares a simple axiom, explained to me as a young child, that: where there is money there is a thief and where there is bad management, there is a swamp for the thief to hide in. The bigger the swamp the greater the risk of theft.

That said, the article denigrates the tens of thousands of honest people, who operate within the financial industries.

Regulation arrived in 1985, and many regulators have come and gone since then, but has corruption diminished?

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The industry has paid million of pounds in fines to achieve what, exactly? Recent bank scandals would suggest that all employees in the banking industry are dishonest, for those with even minimal intellectual capacity must have seen what was taking place. But, what of those in government and at the Treasury whose job it is to oversee banking activity?

In the article, Joss Harwood, a financial services company director, declared that regulation and responsibility for controlling the industry has failed, is this news? I ask because a very high proportion of the adult population of the country has been aware of the problem for years.

This is derived perhaps from the failure of many to only switch the brain on, after switching the computer off.

Mike Winfield

MJ Winfield Financial Advisers