1/7 A Tale of Two Scandals. Today the government has announced it will change the law to refund investors who lost money in the London & Capital Finance mini bond scheme. Why? Because the government accepts the FCA failed to regulate the firm properly. #EndOurCladdingScandal
2/7 Quite rightly, the government is going to change the law so innocent investors can get the same level of compensation they would have received had they been eligible under the Financial Services Compensation Scheme, see: bit.ly/3x63cyN
3/7 Compare and contrast that to #EndOurCladdingScandal. There, the government admits there has been widespread regulatory failure. It proposes to pay out a tiny fraction of the cost. A cost vastly inflated by its own botched interventions via Advice Notes and waking watch.
4/7 The government also proposes to change the law. Not in ways that would help the residents. But instead to remove all doubt that they are legally responsible for paying these costs, now and forever.
5/7 Adding insult to injury, the same government that is bailing out London & Capital Finance investors is proposing that other victims borrow money to pay for bills being forced on them by government action and developers’ failures. So they can pay the cost plus interest.
6/7 Last but not least, the same government is proposing to let itself and the developers who caused this mess off with only 1/3 (at most) of the bill between them. So what does this show?
7/7 When the government wants to do something for people wronged by incompetent regulators and greedy, unscrupulous institutions it can. Including changing the law to help. So why can it not do the same for leaseholders with the #FireSafetyBill tomorrow? Same issue. Same solution
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