Cyprus-Forum.com

[Malapapa]

"In short the FSA, an agency of the UK government..."
Far be it from me to save you from making a fool of yourself (again), but if you want to be taken seriously you should know that that's just plain wrong.
http://en.wikipedia.org/wiki/Financial_ ... _Authority

Really? Well I went to the FSA's own website.

http://www.fsa.gov.uk/

I'll repeat....

http://www.fsa.gov.uk/

So who's the fool? (again)...

Now, go and play with your soldier-boys and leave the real men alone to battle for their country.

Well that is their website address (gov.uk), but from their home page:
"The Financial Services Authority (FSA) is an independent non-governmental body, given statutory powers by the Financial Services and Markets Act 2000."
It's a qango old lad.

it reports directly to Treasury ministers and the paliament

I don't doubt that it does, but Malaprops letter included the statement:
"In short the FSA, an agency of the UK government...", which it isn't.
It is a qango (Quasi-autonomous non-governmental organisation).

In my book if your chairman and your board is placed there by the govt, then you belong to the govt.

The senior appointments may be politically motivated, but that's what "Quasi-autonomous" means. You may report to the government, but you are self-governing.

Same with my friendly neighbourhood council...

http://www.nottinghamcity.gov.uk

Just give it a rest.

The chairman of the FSA will have to report to the government on how one of his junior's managed to cock up so monumentally.

[vaughanwilliams]

vaughan, this needless and futile nit-picking is unbecoming. You ought to admit you jumped the gun and got it wrong; like when you were hoodwinked by outlaws into trespassing on a displaced person's property, for a fee.

This "..needless and futile nit-picking.." as you call it, is critical to credibility. I have often noticed on this Forum, liberties being taken with the truth and/or the fact of the matter in order to strengthen an arguement, score a point or justify a standpoint and I for one won't let it go. When, on occasion, I am proved wrong, I am the first to put my hand up.

[vaughanwilliams]

However you interpret it, seems clear to me from the bit I quoted above that it is not true to say it is nothing to do with the government.

Please refer to the FSA home page and read for yourself:
""The Financial Services Authority (FSA) is an independent non-governmental body, given statutory powers by the Financial Services and Markets Act 2000."
Chambers dictionary defines non- as:
"non- prefix, signifying 1 not; the opposite of something specified • non-essential • non-existent."
Please enlighten us with your definition of the prefix "non-".

[Malapapa]

vaughan, this needless and futile nit-picking is unbecoming. You ought to admit you jumped the gun and got it wrong; like when you were hoodwinked by outlaws into trespassing on a displaced person's property, for a fee.

This "..needless and futile nit-picking.." as you call it, is critical to credibility. I have often noticed on this Forum, liberties being taken with the truth and/or the fact of the matter in order to strengthen an arguement, score a point or justify a standpoint and I for one won't let it go. When, on occasion, I am proved wrong, I am the first to put my hand up.

What are you waiting for then? Interpol?

[vaughanwilliams]

vaughan, this needless and futile nit-picking is unbecoming. You ought to admit you jumped the gun and got it wrong; like when you were hoodwinked by outlaws into trespassing on a displaced person's property, for a fee.

This "..needless and futile nit-picking.." as you call it, is critical to credibility. I have often noticed on this Forum, liberties being taken with the truth and/or the fact of the matter in order to strengthen an arguement, score a point or justify a standpoint and I for one won't let it go. When, on occasion, I am proved wrong, I am the first to put my hand up.

What are you waiting for then? Interpol?

[Malapapa]

vaughan, this needless and futile nit-picking is unbecoming. You ought to admit you jumped the gun and got it wrong; like when you were hoodwinked by outlaws into trespassing on a displaced person's property, for a fee.

This "..needless and futile nit-picking.." as you call it, is critical to credibility. I have often noticed on this Forum, liberties being taken with the truth and/or the fact of the matter in order to strengthen an arguement, score a point or justify a standpoint and I for one won't let it go. When, on occasion, I am proved wrong, I am the first to put my hand up.

What are you waiting for then? Interpol?

Thanks for your valuable input on the matter, vaughan. The letter has been tightened to address your concerns.

Dear...

HSBC and ‘TRNC’

As a concerned customer of HSBC, on 27 January 2010 I wrote to the Financial Services Authority (the ‘FSA’) about HSBC’s business presence in the self-styled ‘TRNC’ – the northern part of the Republic of Cyprus which has been illegally invaded, occupied and settled by Turkey.

I sought assurances that, as part of its consolidated supervision of HSBC, the FSA had taken steps to ensure that HSBC, in operating in the ‘TRNC’, (a) was in full compliance with the laws and regulations of the Republic of Cyprus, as the legitimate and internationally recognised local authority; (b) had not infringed the property or other rights of Cypriots displaced from the ‘TRNC’ area; and (c) had not provided banking facilities to those benefiting from such infringement (which would amount to facilitating financial crime).

The FSA responded on 10 February 2010, stating as follows (my italics): ‘The FSA...does not seek to regulate or influence legitimate business decisions of firms...Also, the Turkish Republic of Northern Cyprus (TRNC) has its own regulator so any firm wishing to do business in that country will need to be regulated by the appropriate regulator.’

Copies of my letter to the FSA and its response are attached.

In short the FSA, effectively an agency of the UK government, appears to recognise the ‘TRNC’ as a country – one capable of having its own regulator, which would presumably be different from the legitimate regulator of the Republic of Cyprus, namely the Central Bank of Cyprus. This is a clear breach of the UK’s treaty obligation not to recognise any jurisdiction in Cyprus other than that of the internationally recognised Republic of Cyprus.

It is horrifying that a body such as the FSA, which is supposed to uphold the highest standards of regulation and ethical conduct in financial services, should demonstrate such complete disregard for international law, UK government obligations, the legitimate interests and regulations of the Republic of Cyprus, not to mention the FSA’s own statutory objective of reducing financial crime. (It should be borne in mind that a financial crime as determined by the courts of the Republic of Cyprus, which has jurisdiction over the ‘TRNC’ area, must be recognised as such in the UK.)

Perhaps this disregard could be put down to naivety, lack of awareness and/or incompetence – but would that be any comfort?

I regard this as a very serious case of regulatory irresponsibility by the FSA and would appreciate your views on action that needs to be taken.

[vaughanwilliams]

vaughan, this needless and futile nit-picking is unbecoming. You ought to admit you jumped the gun and got it wrong; like when you were hoodwinked by outlaws into trespassing on a displaced person's property, for a fee.

This "..needless and futile nit-picking.." as you call it, is critical to credibility. I have often noticed on this Forum, liberties being taken with the truth and/or the fact of the matter in order to strengthen an arguement, score a point or justify a standpoint and I for one won't let it go. When, on occasion, I am proved wrong, I am the first to put my hand up.

What are you waiting for then? Interpol?

Thanks for your valuable input on the matter, vaughan. The letter has been tightened to address your concerns.

Dear...

HSBC and ‘TRNC’

As a concerned customer of HSBC, on 27 January 2010 I wrote to the Financial Services Authority (the ‘FSA’) about HSBC’s business presence in the self-styled ‘TRNC’ – the northern part of the Republic of Cyprus which has been illegally invaded, occupied and settled by Turkey.

I sought assurances that, as part of its consolidated supervision of HSBC, the FSA had taken steps to ensure that HSBC, in operating in the ‘TRNC’, (a) was in full compliance with the laws and regulations of the Republic of Cyprus, as the legitimate and internationally recognised local authority; (b) had not infringed the property or other rights of Cypriots displaced from the ‘TRNC’ area; and (c) had not provided banking facilities to those benefiting from such infringement (which would amount to facilitating financial crime).

The FSA responded on 10 February 2010, stating as follows (my italics): ‘The FSA...does not seek to regulate or influence legitimate business decisions of firms...Also, the Turkish Republic of Northern Cyprus (TRNC) has its own regulator so any firm wishing to do business in that country will need to be regulated by the appropriate regulator.’

Copies of my letter to the FSA and its response are attached.

In short the FSA, effectively an agency of the UK government, appears to recognise the ‘TRNC’ as a country – one capable of having its own regulator, which would presumably be different from the legitimate regulator of the Republic of Cyprus, namely the Central Bank of Cyprus. This is a clear breach of the UK’s treaty obligation not to recognise any jurisdiction in Cyprus other than that of the internationally recognised Republic of Cyprus.

It is horrifying that a body such as the FSA, which is supposed to uphold the highest standards of regulation and ethical conduct in financial services, should demonstrate such complete disregard for international law, UK government obligations, the legitimate interests and regulations of the Republic of Cyprus, not to mention the FSA’s own statutory objective of reducing financial crime. (It should be borne in mind that a financial crime as determined by the courts of the Republic of Cyprus, which has jurisdiction over the ‘TRNC’ area, must be recognised as such in the UK.)

Perhaps this disregard could be put down to naivety, lack of awareness and/or incompetence – but would that be any comfort?

I regard this as a very serious case of regulatory irresponsibility by the FSA and would appreciate your views on action that needs to be taken.

Good luck with your petition.
I'm still waiting to hear how HSBC in Nicosia respond.

[Malapapa]

Good luck with your petition.
I'm still waiting to hear how HSBC in Nicosia respond.

Thanks. I've alerted the Governor of the Central Bank of Cyprus so I'll let you know how I get on.

The intention is of course to embarrass/intimidate HSBC into withdrawing from the "TRNC" altogether. This could have the same symbolic effect as when Barclays was forced to pull out of South Africa in 1986, precipitating the collapse of apartheid a few years later.

[Viewpoint]

You still stuck on getting rid of HSBC go for it lets see what Will happen if anything.

[Malapapa]

You still stuck on getting rid of HSBC go for it lets see what Will happen if anything.

Thanks for giving this project your blessing; I thought you might disapprove.