Updated: Sept. 17, 2012 (Initial publication: Sept. 10, 2012)
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On 5 September 2012, the Financial Services Authority (FSA) asked the question what is a bank
http://www.thejournalofregulation.com/spip.php?article1608
We cannot properly design and build banking regulation, or run it well if you do not have a clear idea of what a bank is and what it is for. However, it is precisely this criticism has formulated the Managing General of the Financial Services Authority (FSA) September 5, 2012: the banks do not know who they are, what they serve. Indeed, the regulator imputes many dysfunctional banking system and financial banking to agents that behave like ordinary product vendors, products which are financial products, in exchange for which they receive a commission. In contrary, the regulator believes that the bank does not have a sales business but a service activity: that of serving the interests of his client. It was forgotten, he said, and the cause for many ills.
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Martin Wheatley, managing director of the Financial Services Authority (FSA) said on September 5 during a business meeting that it was necessary to reflect on the banking business.
He recalled that the bank is a service activity, which is to serve the interests of its customers, for example by counseling in transactions or investments. However, he notes that now, banks sell products. He believes that it completely changes the banking business and the banking and financial system, that the FSA is responsible for regulating.
The regulator considers it necessary to return to the first design because if the bank is a manufacturing industry that is subsequently sold, then it must make anything that it must also sell at any price. This derives from "banking culture" came many perversions of the banking and financial systems. Indeed, bankers must stop think themselves as sellers, they no longer think as commissions earned during sales.
The FSA has advocated the need for a profound cultural change within the banks, especially the "culture commission" consequence of the definition of the bank as a simple machine to make financial products, the sales agent sells
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