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How can FSA justify its prices?

In view of the changes being brought about through N2,I applaud the FSA for launching an “industry training” initiative. But why is attendance at the workshops so expensive?

From January to April 2002 the FSA is running 11 workshops on risk-based compliance for IFA firms – post-N2. They hope there will be 35 delegates at each. The cost is £250 per delegate and so the FSA is hoping to receive total revenue of £96,250. FSA staff will conduct the workshops so there will be no high-priced external trainer fees. Five of the workshops will be held at Canary Wharf so fees for external venues will be kept to a minimum.

It has to be assumed that the broad content of workshops will be the same – so research and preparation for them will only be needed once.

In the light of these facts, would anybody from the FSA care to explain how they can justify receiving revenue of £8,750 per day, averaging nearly £1,500 per hour, to conduct their workshops?

If, as looks likely, the workshops are being run for profit motives, what does that signal in terms of the relationship between the regulator and the regulated?

Graham Turner

Financial Futures,Norwich

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