No Crypto Today!
I will return to the core subject tomorrow but for today a news story concerning our centralised system caught my eye and it requires comment.
Apparently bank overdraft fees yielded £2.4 billion in 2017; the financial regulator The Financial Conduct Authority [FCA] is not happy! In fact it is so displeased that it is "proposing" changes. Bet the banks are scared now.
In other news it has been reported that the banks are dealing with around 185 regulatory changes every day. 1 every 12 minutes.
In some cases 1 in 3 people are checking the work of others; in some banks it is 2 in 3.
I can only imagine the cost of this regulatory burden but am reassured that the charges we pay on our overdrafts are going to a good home.