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FSA offers rewards for failures

Adair Turner has claimed that for the FSA to do its job better in the future than it has to date, it is going to need to pay its staff even more than it does already.

Is this not reward for failure, for which so many senior bank employees have been roundly pilloried both by the Treasury select committee and by public opinion as well?

The worse the FSA performs its duties, the more it pays its staff. Is this not just a bit perverse?

The FSA also claims that to attract people of sufficient quality it has to pay salaries higher than those applicable to ordinary public sector workers.

We should not overlook the fact that Lautro, the PIA and latterly the FSA have been doing this for decades and it simply hasn’t worked. has it?

At what point will the FSA realise that bleeding the industry dry to pay ever greater salaries and ancillary benefits packages is not the solution?

What is required are better management, in the form of people who are actually prepared to listen to what it they are being told by those who have a considerably better grasp of what goes on in the real world, and a streamlining of costs, such as relocating three-quarters of its staff outside London.

What do these demands from the FSA for even more industry money to “attract people of the necessary calibre” tell us about the average public sector employee?

Basically, what most of us already know full well, namely that the average sector public employee is not of sufficient quality to warrant consideration for employment in any other field, not even financial services regulation.

If the FSA were a commercial enterprise, then, on the strength of its performance to date, it would long ago have gone bust and now be just a largely forgotten bad dream. If only……..

Julian Stevens


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