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A test for Turner

godfrey_bloom.jpg

Since Lord Turner saw fit to have a pop at me in his Mansion House speech, a place incidentally from which I am banned for life, let me have a wee pop back.

Last year, I heckled him because he had given his organisation a 10 per cent salary increase across the board and 15 per cent bonuses in the wake of the greatest regulatory failure in the history of the City.

The heckling was prompted not so much by this deed as the supreme arrogance that has come to be the hallmark of the socalled “great and the good”.

Lord Turner is supreme among these beings. They appear on many boards of directors as non-executives, head quangos and nestle on boards of trustees. Their pomposity is worthy of any Gilbertian character invention. Yet look them up in Who’s Who? and see if you can find out what they have ever done. Not, incidentally, what they have been.

They have been plenty of things, yet where is the achievement? A couple of years here, a year there, plenty of consultancy jobs. whatever that may mean. Chums in high places, an effortless elevation to the Lords for no apparent reason, yet what do these fellows even know? What real experience have they ever had?

For my part, he accuses me of not being able to “grasp” concepts in financial services. Well Lord Turner, I have spent 35 years in financial services. I have been an award-winning fund manager, general manager of a life insurance company and a broker consultant and analyst. I exposed pension misselling in 1992 in The Observer newspaper, the unsound risk analysis of split caps in Money Marketing well before their demise and was part of the Treasury’s consultancy process on the implementation of the 1986 Finance Act.

My average term of office in any job is seven years. So who are you and your fabulously well paid cronies at the FSA to tell people of modest wealth that hitherto their advice can come only from nationalised banks, whose failures in the field of financial advice are legion?

How dare you, in a free society, stand outside the principles of English law and dictate to the rest of us?

Share a platform with me, my noble lord, with an independent audience and we will see who grasps what.

Godfrey Bloom is a Ukip Member of the European Parliament and a former IFA

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Comments

There are 26 comments at the moment, we would love to hear your opinion too.

  1. … as Harry Hill would say “There is only one way to sort this out ….. FIGHT !!!!! …..”

  2. Bet the farm (well a play farm just enough to be IHT exempt) Lord Turner won’t turn up – but good try.

  3. paolo standerwick 29th September 2010 at 4:04 pm

    Turner won’t have the balls to confront someone with eral knowledge.

  4. Go for it Godfrey, I will pay £1000 to the Soldiers charity (ABF) if his Lordship is MAN enough to face you in Public… reckon my money is safe.

  5. Brilliant, Mr Bloom! He will be too much of a coward to accept your challenge.

  6. Excellent stuff Mr Bloom.You say what a lot of us think but we can only say under a cloak of anonymity for fear of reprisals by the FSA.So come on Lord Turner be a decent fellow and step up to the plate for an independent debate or as Hector would say, would you be “afraid, very afraid” ?

  7. Scarlet Pimpernel 29th September 2010 at 4:16 pm

    Mr Godfrey Bloom;
    YOU HAVE MY RESPECT!
    Well said – Excellent, and to the point. I would like to call you! ‘Lord Godfrey Bloom’, as I think you deserve the title.
    That smooth talking L###ng Turning, and all his other overpaid colleagues does not deserve the title and the highly paid salaries they pay themselves. They all seam to have; at the FSA this open ended cheque book account; to pay what ever salaries they want?

  8. If only you could get this challenge onto the front pages of any major newspaper. Perhaps then we’d see some real benefit and pressure on the House of Lords to look at how this country is destroying the truly Independent financial services distribution sector.

  9. Good on yer Godders!! Keep at it.
    I seem to remember that said noble lord first came to notice as DG at the CBI. I also seem to remember that he licked up to governments of both persuasions to the total approbation of CBI members. His licking exploits seem to have continued by having the gall to accept the post he now has until the expiry of the FSA. This is only beaten by the stupidity of those who appointed him.
    Having looked up his antecedents, I find that his degree is in Town Planning. Need anyone say more?

  10. Philip Meadowcroft 29th September 2010 at 4:20 pm

    Where and when will the tickets for this showdown be available ?

    Mr Bloom has articulated what so many of us wish we had the guts to do.

    He deserves every possible support .

    Keep us posted, sir.

  11. Not a chance, he knows he wouldn’t have a chance

  12. Dear Lord Turner

    Godfrey may have had a few glasses of wine too many but the end result is that he did speak his mind and he was right to question the efficacy of your institution.

    I advise you and Hector to keep an eye on Mike Fenwick’s blog because it may (more likely will) become your undoing, ‘your’ as in the “collective intellectual failure”.

    “I hope you will not be too disappointed”

  13. Could not agree more.

  14. Steven Farrall (Adviser Alliance) 29th September 2010 at 4:30 pm

    Of course Turner won’t turn up. He’s a paid up member of the ‘political class’ hangers on society. The purpose of which is to line their own pockets whilst they ‘modernise’ (which is a creed – not an an action) the Hell out of us. Turner and all the other utterly unaccounatble Quango sitters are the enemy of our time. Socialism is dead so they need another route to make us serfs, and the bureaucratic state is it. Never mind, he should be more frightened of the mob and piano wire than any of us.

  15. If Turner does have the spine to accept this challenge, then please be sure it’s televised, preferably as a Dispatches or Panorama Special.

    Good on you, Godfrey.

  16. Waste of time, Lord Turner will not turn up. How can he have a debate when he knows nothing about the Financial Services Industry. He is only good for making speeches that are probably written for him.

  17. A debate worth listening too but it will not happen. The elite are unaccountable under Nu Labour and since the Hutton report which upheld the lies and corruption of the elite we have drifted on a sea of mediocrity into the expenses scandals and away into the distance into a new dawn of coalition with nothing changing at the very top. As has been pointed out above he has worked both sides and still has achieved nothing except overseen on his watch the greatest financial crisis ever endured but continues to drift on taking the money whilst making vacuous noises blaming Chinas savers for it all.

  18. Lord Turner – are you out there???

    We watch, we listen, we wait but there is nobody there.

    Will you only be enticed out of hiding by a bag of (financial) sweeties????????

  19. Go for it Geoffrey, although we all know he will not have the bottle for a street fighting debate.
    The problem with all these Quango people is they will not debate the real issues only those they can win from their armchair in their Ivory Towers with nobody to argue with and certainly not lower themselves for a live public debate

  20. At the very least, Turner should put together a formal response to this.

    If he does not, then this confirms GB’s comments as the truth (which we all know)

    If he does reply, then we can assess his comments to see who speaks the truth (as if we dont know)

    No reply to this is in itself not acceptable and should form the basis of a formal review of some kind….and not one carried out by yet
    another government/ fsa placed stooge.

    31 years in the business with not one client complaint, qualified, own company tax payer, UK Citizen and NO LEGAL RIGHTS. I am starting to get mightily angry at our non elected ruling class. Steven F above….the mob? I do start to think that way. I have a wife, family, staff, clients and a business I care about. You can only be backed so far into a corner before coming out fighting.

    IFA’s, 50% of business written and 2% of the client complaints yet we are being hounded by this so called elite as they move one step to the side and dip into a different trough!! OBSCENE

  21. The thing about bullies,especially the ones who run the FSA,is that they are really cowards hiding behind their position of power(lawful & unlawful).
    The last thing they want is a level paying field where they would be shown up for what they are.

  22. This sort of trenchant stance may well get headlines, but will it result in anything positive?

    I’m certainly no great fan of Mr. Bloom and thoroughly dislike UKIP, but two points did resonate loudly and IF (and what a big if) he can do anything about these – then all credit to him.

    “How dare you, in a free society, stand outside the principles of English law and dictate to the rest of us?” I wouldn’t quite have used that language, but the point is very valid.

    “What they have ever done. Not, incidentally, what they have been.

    They have been plenty of things, yet where is the achievement? A couple of years here, a year there, plenty of consultancy jobs”

    You of course omitted lecturing – something they seem to gravitate to whenever they have the opportunity. (Those who can do, those who can’t…….) I must agree that we deserve better than one who has a ‘portfolio’ career. A full time Chairman would be nice. As to the remarks concerning consultants – my goodness that did strike a chord!

  23. What I can’t grasp is how is this Lord Nobel Surely it should be Ignobel?

  24. Interesting that it falls upon a member of UKIP to spell out a few home truths about the way financial circles are run in this age of the “old-boy” network. Naturally, the three discredited parties – or should it be two now – will not want to upset the apple-cart and risk losing their chances of highly-paid jobs and/or enoblement so it is left to one honest individual to encourage other dissenters to join with UKIP in fighting for a return to truth and justice.

  25. Well done Godfrey! For those of you interested in a party that really cares about the financial sector in the country, I suggest you take a look at UKIP.

  26. Michael Schwartz 3rd October 2010 at 9:54 pm

    Shame on you, Godders – you did not go far enough!

    UKIP is the best thing to hit British politics in years.

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