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The hole truth about suite

He who pays the piper calls the tune.

Not when it comes to the FSA, it doesn&#39t. They are more than happy to waste everyone&#39s time and money on flogging a dead horse.

Mr Sandler&#39s “simplified product suite” is a non-starter. No one wants them. The consumer does not. (Avoid missselling, missbuy instead). Product providers don&#39t want them (they have lost enough money on stakeholder already). European directives on insurance mediation make two of the three “options” in the FSA discussion paper on the topic of the regulation of the sale of them illegal.

Yet the FSA are bringing out their JCBs to dig this particular hole as quickly and as deep as possible.

As a child, I grew up to the sound of Bernard Cribbins and his song There I Was A&#39digging This Hole. The lyrics could not be more relevant now.

Don&#39t dig here, dig it elsewhere

You&#39re digging it round and it ought to be square.

The shape of it&#39s wrong, it&#39s much too long

And you can&#39t put a hole where a hole don&#39t belong

Oh, and the song ends:

“Well, it&#39s not there now – the grounds all flat

And beneath it is the bloke in the bowler hat!”

What a lovely thought!

Graham Turner

Financial Futures,

Colegate,

Norwich

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