The Government's love of quangos knows no bounds if the Budget is to be believed. Darling announces a 'Credit Adjudicator Service' (CAS) costing £5million per annum to run - which is an initial 'estimate' and we all know how such 'estimates' increase in time.
Banks may, or may not, have behaved badly in the past, but is this not entering 'dangerous waters' from both a legal and moral view? Immediate questions are: what happens when denial of a loan is over-ruled by the CAS which then turns 'sour'? Who is responsible for the debt - the bank or the CAS? Does the bank have 'recourse' against the CAS to reclaim the loss? Other questions arise: quangos are not accountable, so what redress does a private investor have in any venture that does go 'belly-up'? Has not an invidious position arisen if a state funded body can interfere in the, what may be perfectly valid, reasonable and logical, commercial decisions of a company?
Yet another example that socialism knows no boundary where 'control' is concerned!