The FT has the FSA whistleblower letter here.
Vince Cable's source clearly documents that the FSA were aware that lenders were not verifying incomes of applicants and passing these loans off as full status when in fact they were nothing more than Self Cert loans. The lenders class them as fast track full status even today.
The FSA turned a blind eye.
I've been talking to the FSA about this for years. Now I know why they never do anything. It is their level of incompetence.
I don't normally rant and swear but today I'll make an exception.
I can assure you that the FSA and all who are in charge there are nothing more than a bunch of fuckwits, totally fucking moronic, a bunch of state-employed cock sucking wankers. They can suck my plums if they think I'm going to jump through anymore of their fucking hoops.
I have an inspection coming up next month and I'm going to take my compliance manual and my T&C documents and shove it right up their arse.
The fact that my fees pay for their fucking lavish Xmas party, when I can't afford one for myself is bad enough. Today I have just had to send the turd sticks a cheque to pay for claims against some stockbroking firm that has gone bust, the FSA totally misjudged that as well.
Well bollocks to them, I've fucking had enough. I'm putting my business up for sale, I've had enough of paying for their fuck ups. God knows how much I will have to pay for claims against the lenders.