I feel I must respond to Nic Cicutti’s commentary under the heading, Seasonal complaint, where he cannot understand why IFAs are hostile to the Financial Ombudsman Service taking part in Complaints Day which offered a free iPad for the best complaint.
In fact, he goes on to say that if that is all some of you have to whinge about, then you need to get out more.
Well it may surprise Nic that we get out all the time seeing clients and know exactly what is going on. What concerns the IFA community is not the free iPad but the mindset of the FOS who are supposed to take a balanced view but are demonstrating their desire to encourage even more complaints.
But as a staunch socialist, Nic’s only concern is that the FOS got involved with a privately owned organisation, a cardinal sin indeed.
However, he will be pleased to know that a new quango is shortly to be established – the Journalists’ Monitoring Authority (JMA), with a highly paid chairman (hopefully myself), in some of the most expensive offices in London and index-linked pensions for all staff.
I will need the assistance of other senior staff all earning over £100,000 and a large number of employees although a good knowledge of journalism will not be necessary.
Once established, the JMA will charge all newspapers and journals ever increasing annual fees and any articles not properly researched will incur heavy fines.
In addition, you will be required to pay £500 for every reader’s complaint without right of appeal.
You will still be personally liable even when you retire. Hopefully, this will satisfy your desires for Government bureaucracy its very best.
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