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's 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' 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.”
Binding & Williams Associates,