In the good old days when banks were regulated by the Bank of England they were, in the main, regulated professionally and with an exceptional eye on the detail. A "bank" was well defined and a monthy List of Banks was published.
Not any more.
Since the FSA took over matters have taken a downward turn. First it stated that "...it is impossible to create a list of banks from the current system". Then it did create a List whilst complaining that "...the concept of a bank is now not as clear cut..."
Now we have a List again. However we sometimes wonder why they bother. After all, what use is a list if it is inaccurate? Most months there is something inaccurate and we have sent the FSA so many emails on this subject that now they don't even bother to reply.
Two examples from the latest list:
Tesco Personal Finance Plc and Standard Life Bank Plc are both listed as private companies despite the fact that they have both reregistered as PLCs: Tescos in December 2008 and Standard Life Bank a year ago.
Neither are matters of life and death but both are examples of the decline in standards since the FSA took over responsibility for regulation.
