I’m paying for risk-taking of others

Regarding the possibility of the FSCS introducing risk-weighted levying, the problem with the system is that I am not paying for the risk I pose (which is next to none).

Instead, I am paying for the risks that everyone else poses, not least those who recommended unregulated schemes towards which nothing was set aside in anticipation that they posed a high risk of failure. In most cases, the people flogging them were not even covered by their professional indemnity insurance to do so, on which the FCA remains obstinately silent.

So much for its utterly useless and time and money-wasting Gabriel returns.

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If this is Mr Neale’s idea of a funding system that is working fairly well, he needs to pull his head out of his backside and take a good look around.

Julian Stevens

Financial Adviser