I am amazed at the silence with which the industry has reacted to the announcement that RDR industry costs had multiplied (not just increased by, say, 5 or 10 per cent, which would have been bad enough) but by a factor of three to five times, if I remember correctly. An extra 300 to 500 per cent and a wall of silence.
I make no comment here about the good or the bad elements of the RDR but can anyone tell me about another “project or development” anywhere in industry or commerce where costs increases of this magnitude would not at the very least have caused that project to be revisited and restructured to reduce those costs or even – dare I say it – be kicked out and some serious conversations held about this year’s bonuses.
What respect can we have for a system that purports to proceed on the basis of cost benefit analysis that does not automatically review the project when an error of this magnitude surfaces?
I am probably wrong but this smells badly of the “this is what we are doing, we are just bulldozing on” attitude. That may or may not be true but it taints the relationship between regulator and regulated.