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Regulator also has a duty of care

As I see it, there are two aspects that reek of anchovy.

The first is that nobody begrudges the regulator holding meetings, outsourcing tasks and generally behaving like a normal company. 

The stench emanates from the fact that it has a duty of care to the industry to not waste money it has exacted by way of fees and levies, and to book The Grove rather than a far cheaper hotel is redolent of contempt.

My son worked at The Grove and the cost is prohibitive, which explains why the England football team and Tiger Woods choose and can afford to stay there. The FCA is not a company answerable to shareholders but it is a body with a duty to its stakeholders.

The second less than fragrant aspect is that the history of the regulators shows that they pay lip service to their own internal rules and cost restrictions when it suits yet conversely find fault with the industry over what by comparison are trifling matters.

The FCA has to earn respect unless it would rather suffer contempt. An understanding of the behaviours that are sure to irritate the industry would be a good starting point.

Alan Lakey

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  1. The FCA doesn’t care two hoots about whether or not the industry regards it with contempt. In fact, it considers such regard as inevitable, as inevitable as the advice gap resulting from its never-ending embellishment of the original precepts of its RDR, as posited by Adair Turner. It’s not answerable, at least not in any meaningful way, to any outside body and remains completely free to formulate and impose its own agenda regardless of what anyone else may have to say. The oversight of the NAO is nothing more than a box-ticking sham, rather like the FCA’s consultation exercises. No expenditure is ever questioned, let alone challenged. And as for the TSC’s efforts to hold it to account………..

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