He's a right Darling

[tim west]

but surely "Industry representatives" means they represent the interests of the banks.

Not suggesting they personally receive bribes

Im not sure on what mechanisms are in place to stop criminal activities but i'm sure they have to account for their actions somewhere along the line.

 

[empip]

TW. The Govn do not have a great track record with regard to 'advice'.
I bet they went no further than the FSA -- Appeasment personified.

A salutory note... From
http://www.fscs.org.uk/consumer/key_facts/Limitations_of_the_scheme/

Limitations of the scheme
As a statutory fund of last resort there are limits to the protection FSCS can provide....
...The FSA's proposals for reviewing the funding of the FSCS will increase the financial capacity of FSCS. But it is still possible to conceive of a default (or a combination of defaults) so big as to be beyond FSCS's ability to pay compensation up to our limits. The FSA's proposals significantly reduce the probability of this happening, but they cannot completely eliminate it...

More stuff comes to light...
http://news.bbc.co.uk/1/hi/business/7002317.stm

Pay-as-you-go
Since the FSCS started though, no bank in the UK has actually been asked to pay an annual levy at all - which could have been as much as 0.3% of their depositors' money.
That is because the money the FSCS inherited from the Deposit Protection Board was reckoned to be enough for the time being.
Currently there is about £4.4m in the pot for banks and other deposit takers.
The UK has the most comprehensive scheme in the financial services sector in Europe Leonie Bell, Oxera If more was actually needed though, the scheme could impose an emergency levy and even borrow money if it was running short.
"The scheme works on a pay-as-you-go basis," said a spokeswoman.
"We can raise money when we need to," she added.
In recent times bank failures have been rare...

The Crock was able to borrow in time of stress - wasn't it?

Northern Crock customers have certainly stirred the pot - we learn ever more !