FSA TCF team sent from Scotland to London
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The FSA paid travel and accommodation costs to send two supervisors from Scotland on a TCF visit to a firm located just an hour’s tube journey from Canary Wharf.
The principal of the firm, who does not want to be named, says: “The FSA sent two officers to our office from Scotland and, as well as travel costs, these guys stayed at a hotel overnight, which probably sent the cost soaring.
“For a fairly routine visit, why did the FSA not use two officers from Canary Wharf? If this example is repeated for many other visits in London and the home counties, it is no wonder the FSA’s costs are soaring.”
Last week, FSA managing director Jon Pain warned that the regulator will need to continue to increase its staff budget to implement its new intensive supervision approach and provide training to supervisors.
The regulator refused to comment on how often Scotland-based supervisors are sent to firms in and around London.
A spokeswoman says: “When we send supervisors out, it is a case of deploying people with the best skills and expertise to conduct that visit. To be able to properly assess firms, we need to send a suitably qualified supervisor.
“Our visits are conducted regionally, so a supervisory team will go to a region and see a number of firms in that area during the one trip.”
Philip J Milton and Company managing director Philip Milton says: “This does not demonstrate any sensitivity at the current time when a lot of people are suffering. The FSA is simply saying, we are not suffering and we are going to continue to put our costs up. I do not think that is the right approach.”
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Readers' comments (33)
Anonymous | 27 May 2010 8:48 am
If it wasnt so serious it would be laughable. I often watch Yes Minister and this sounds like a scene from that where the Minister is constantly fighting against the Civil Service in an attempt to cut costs and is met with indifference.
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Anonymous | 27 May 2010 9:32 am
This is outrageous.We have to justify every penny we charge clients and the fsa must now justify the way in which they use the exorbitant fees we are forced to pay.The fsa should be funded through the tax systen. That way accountability would be a necessity. The taxpayers would then be able to judge cost/benefit. The regulator acts like some third world dictator, spending money like it is going out of fashion, while the rest of us struggle to continue to fund thetr insatiable appetite.
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Anonymous | 27 May 2010 9:34 am
Those IFAs who attended a recent FSA roadshow in Plymouth (note to FSA, that's in Devon) were surprised to note that the six or seven FSA staff present were all from the FSAs Edinburgh (that's in Scotland) office.
Amongst it's it's other organisational and functional inadequacies and confusions, we can now clearly include a lack of geographical awareness as well as a disregard for costs.
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Anonymous | 27 May 2010 9:34 am
Why am I not suprised, probably bought the wives along for a spot of shopping, after all it's not costing them anything
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Anonymous | 27 May 2010 9:36 am
There should be a full costings review at the FSA and they should be made to work within budget like the rest of the country. This is disgraceful, yet not surprising!
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Bazza | 27 May 2010 9:36 am
why should we be surprised same shambles again i wonder if the FSA had a regulator like them if it should occour again and again .FINANCIAL CRIME is right under their noses by them at least the MCCB was not just a bunch of Cowboys riding over us cheering and Back Slapping themselves and laughing at the idea of themselves being accountable to no one a Disaster a day is the FSA way
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derek pearce | 27 May 2010 9:37 am
Trouble is we all sit back, have a moan and do nothing. i suggest as many of you who feel as strongly as i do about this should write to the director of the FSA and copy in your local MP and demand that something is done to stop this blind madness that is happening at the FSA.
The UK is seriously tightening its belt and yet these people spend money like it is worthless. Maybe if they spent it on controling the banks and fraud, and not "supervising" IFA's who have the lowest complaints ratio accross any industry, they might ACTUALLY achieve something worthwhile with OUR tax money.
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Anonymous | 27 May 2010 9:41 am
I am sure there must be good reason for this apparent senseless waste of our money. After all, the FSA are the guardians of the flame of moral rectitude for our industry and as such they ensure that our fees are spent wisely.
The lunatics have certainly taken over the asylum - but we probably knew that already!
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acc | 27 May 2010 9:50 am
Apalling but, unsurprisingly typical and I'm afraid repetitive!
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Anonymous | 27 May 2010 9:50 am
Parasites, go and find a real job.
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