“I am a well-qualified, well-paid manager and a member of a good pension scheme. I am ambitious and want to make my mark, and am prepared to work hard to achieve this.
“I often work late and my spouse complains that I don't see enough of the children. I don't get any credit for just making sure that my department is running well – that's just taken for granted. If I want to get ahead and impress my superiors, I must come up with new ideas and new plans.
“This is the way I can show that I am innovative, assertive and worthy of promotion. There is a lot of competition for promotion nowadays.
“My ideas create a lot of work and I don't have enough staff to do it all. They are all overworked already. So I am pushing hard to justify a few more people in my department so that I can set up a new section to deal with some of my projects. This will also help when I get promotion, because I will then get an even bigger department.”
Is there anything wrong with this? It is, after all, the stuff of reasonable ambition.
Imagine now that you are an IFA and that the above was written by someone in the FSA responsible for making the regulations that you must comply with. You are also the person who pays them, through FSA fees and taxes.
It puts a different perspective on things, and highlights the problems associated with all burgeoning bureaucracies.
Surely there is someone, somewhere, with the wisdom and influence to stop and take stock of the situation. Some common sense would not come amiss. If this is not done, the future is bleak.
The Retirement Planning Partnership,