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Recipe for disaster was on the menu 10 years ago

It is a matter for amazement, bewilderment and anger that the FSA is caught unawares over and over again by the foreseeable outcomes of its own policies – outcomes which were predicted by many IFAs years ago.

An excellent example is Brian Cochrane&#39s Independent View article which was published in Money Marketing 10 years ago, which I unearthed recently from my files.

In the article, Brian Cochrane writes presciently and humourously on the unintended consequences of the legislation which was then getting into gear.

It is a neat irony that, to use his analogy, we no longer have the “Personal Ingestion Bureau&#39 or the “Secure Ingestion Bureau” which collapsed under the complications of their own making but we now have the “unified” authority of the “Food Standards Agency” which, by papering over the yawning gaps and contradictions in the whole set-up, temporarily disguises from public view the fact that it is more chaotic, confused, contradictory and counter-productive than all its predecessors -and more costly.

If Brian Cochrane had asked the question that his waiters might have put to the FSA: “What have the morons ever done for us?” he would surely have received the reply: “They have done for us.”

Philip Binding

Binding & Williams Associates,

Sidcot, Winscombe,



&#39Provider stakes in IFAs cast doubt on independence&#39

Product provider investment in IFAs calls into question the independence of the advisory firm, according to Standard Life group chief executive Sandy Crombie, who says Standard would never consider such a move. Speaking to Money Marketing this week, Crombie said that product provider investment – common in recent years as manufacturers and distributors have tried […]

GAD role to be probed in wake of Penrose report

The role of the Government Actuary&#39s Department will be examined in the review of the actuarial profession commissioned in the wake of the Penrose report into the collapse of Equitable Life. The review, headed by Sir Derek Morris, has been asked to consider what professional and/or regulatory framework would best promote high standards and openness […]

Watchdog urges providers and advisers to make critical reviewable rates clear

The Financial Ombudsman Service has asked advisers and providers to be certain that consumers understand the implications of reviewable premiums as these sales have dominated the critical-illness market over guaranteed premiums. The FOS is concerned that some contracts may not be clearly explained at the outset and customers do not realise that annually reviewable rates, […]

Multi-choice on multi-ties

So Bankhall believes that only it and its major rival Sesame can credibly offer multi-ties. It has already spent £9m and expects this to reach £15m. It believes half of its advisers will seek to set up a multi-tie business but it will also rent out its service to others, whether other IFA organisations or […]


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