He who pays the piper calls the tune.
Not when it comes to the FSA, it doesn't. They are more than happy to waste everyone's time and money on flogging a dead horse.
Mr Sandler's “simplified product suite” is a non-starter. No one wants them. The consumer does not. (Avoid missselling, missbuy instead). Product providers don't 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'digging This Hole. The lyrics could not be more relevant now.
Don't dig here, dig it elsewhere
You're digging it round and it ought to be square.
The shape of it's wrong, it's much too long
And you can't put a hole where a hole don't belong
Oh, and the song ends:
“Well, it's not there now – the grounds all flat
And beneath it is the bloke in the bowler hat!”
What a lovely thought!